Commercial Real Estate
The purpose of the Economy scorecard is to provide the public, elected officials, and City staff with a current snapshot of San Francisco’s economy. This scorecard presents timely information on economy-wide employment indicators, real estate and tourism.
The Commercial Real Estate summary provides a quarterly view of three primary commercial real estate indicators, office vacancy rates, office space net absorption, and direct average asking rent. The first chart shows office vacancy rate, which represents the percentage of available rental units, and net absorption, which represents the net change in occupied rental space between measurement periods. The second chart shows direct average asking rents for office real estate. This figure averages asking rents from the A, B, and C Classes of office space. These Classes rank space from highest to lowest quality, respectively.
OFFICE VACANCY RATE AND NET ABSORPTION
The office vacancy rate of 8.2 percent in 2017 Q3 (July 1 - September 30, 2017) represents a decrease of 0.3 percentage points since the prior quarter (April 1 – June 30, 2016) and a decrease of 0.1 percentage points since the same period of the prior year, 2016 Q3.
DIRECT AVERAGE ASKING RENT PER SQUARE FOOT PER YEAR
Direct average asking rent was $74.22 per square foot per year in 2017 Q3, decreasing by 0.6 percent since the previous quarter and increasing by 0.9 percent since the same quarter of the prior year. Comparisons to the previous period use seasonally adjusted data.
Commercial Real Estate data comes from Jones Lang LaSalle.
Please click first on the chart above and then on the “Download” button in the bottom right corner of the visualization to view and download the data displayed in the chart.