{"id":1004543887,"date":"2021-07-27T04:57:03","date_gmt":"2021-07-27T12:57:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004543887"},"modified":"2022-12-09T01:45:56","modified_gmt":"2022-12-09T09:45:56","slug":"san-francisco-market-update-development-on-the-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-development-on-the-rise\/","title":{"rendered":"San Francisco Market Update: Development on the Rise"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"alignright wp-image-1004545005 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>As of June, the San Francisco Bay Area had 10.9 million square feet of office space under construction, CommercialEdge data shows. Month-over-month, the pipeline shrunk by 14 percent, while year-over-year, there was a 24 percent decrease in construction activity, at 14.4 million square feet of office underway.<\/p>\n<p>The metro is poised to return to pre-pandemic levels for office deliveries, as there is more than 9.4 million square feet of office space expected to come online in the second half of 2021. This would exceed 2020\u2019s activity by roughly 80 percent and be relatively on par with 2019, when 9.5 million square feet of office space was delivered.<\/p>\n<p>Life science and R&amp;D spaces continue to be the most in-demand assets in the market, comprising some of the largest projects currently underway. In June, <a href=\"https:\/\/www.commercialsearch.com\/news\/kilroy-breaks-ground-on-950m-life-science-project\/\">Kilroy Realty broke ground on Gravitate<\/a>, the 860,000-square-foot second phase of Kilroy Oyster Point, in South San Francisco.<\/p>\n<p>Three other developments broke ground in June. In San Francisco\u2019s SoMa submarket\u2014which currently has an office pipeline of 1.8 million square feet\u2014Tishman Speyer started work on the 300,000-square-foot Building B of its Mission Rock project, at 1051 Third St. Orton Development broke ground on The Oakland Civic, a 106,423-square-foot office building in Oakland, while in Sunnyvale West, Irvine Co. started construction on a 134,765-square foot project at 275 N. Mathilda Ave.<\/p>\n<p>South San Francisco had more than 3 million square feet of life sciences or R&amp;D space underway, with the bulk of that pipeline slated to come online later this year. Several large projects are under development in San Jose\u2019s CBD, which has 3.2 million square feet of office space under construction. Other areas with heightened activity include Santa Clara (1.6 million square feet underway) and suburban San Jose (1.2 million square feet underway).<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0<a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report-2021-july\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With more than 9.4 million square feet expected to come online in the second half of the year, San Francisco is poised for a banner year.<\/p>\n","protected":false},"author":1284,"featured_media":1004543572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21747,1609,15],"tags":[51047,50674],"class_list":["post-1004543887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-office","category-san-francisco","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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