{"id":1004555538,"date":"2021-10-28T04:18:26","date_gmt":"2021-10-28T12:18:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004555538"},"modified":"2022-12-05T15:48:02","modified_gmt":"2022-12-05T23:48:02","slug":"san-francisco-market-update-little-change-in-office-vacancy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-little-change-in-office-vacancy\/","title":{"rendered":"San Francisco Market Update: Vacancy Edges Downward"},"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>Office vacancy in the San Francisco-Peninsula market reached 15.0 percent in September, CommercialEdge data shows. Month-over-month, the rate dropped 40 basis points from its peak in August and is trailing the national average\u2014which was down 50 basis points month-over-month, to 14.9 percent by the end of the third quarter. Year-over-year, the rate is up by 520 basis points.<\/p>\n<p>The Bay Area market\u2014comprising the East and South Bay\u2014recorded one of the largest drops in vacancy among metros tracked by CommercialEdge. In September, the rate was down 170 basis points month-over-month, to 16.3 percent. The market still has some catching up to do though, as year-over-year, the rate is higher by 250 basis points.<\/p>\n<p>San Francisco remained towards the bottom of the list when compared to other gateway cities. Only Chicago\u2019s vacancy rate was lower, at 16.9 percent. In Los Angeles, the rate reached 13.0 percent in September, while Manhattan had the lowest rate, at 10.8 percent.<\/p>\n<p>In terms of pricing, however, San Francisco was the second most expensive metro in September. The average full-service equivalent listing rate was at $69.18 (down by 1.6 percent year-over-year), almost double the national average ($38.62) and exceeded only by Manhattan\u2019s, at $83.52.<\/p>\n<p>Sectors like life sciences continue to attract investment, especially in submarkets like Emeryville. In September, global consulting firm <a href=\"https:\/\/www.commercialsearch.com\/news\/consulting-firm-extends-full-floor-lease-at-kbs-east-bay-property\/\">Berkeley Research Group extended the term on its 20,256-square-foot lease<\/a> in KBS Realty Advisors\u2019 The Towers Emeryville. However, the vacancy rate in Emeryville remained relatively unchanged month-over-month, at 14.9 percent.<\/p>\n<p>San Jose\u2019s CBD recorded a decrease in vacancy of 200 basis points month-over-month, reaching 22.5 in September. Other submarkets with a significant month-over-month decrease include Milpitas (down 50 basis points, to 8.3 percent), downtown Oakland (down 50 basis points, to 21.7 percent) and Mountain View \u2013 East (down 80 basis points, to 15.4 percent).<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report&nbsp;<a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A key submarket recorded one of the nation\u2019s largest declines, according to CommercialEdge.<\/p>\n","protected":false},"author":1284,"featured_media":1004545005,"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-1004555538","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) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>San Francisco Market Update: Vacancy Edges Downward - 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