{"id":1004557091,"date":"2021-11-23T02:53:57","date_gmt":"2021-11-23T10:53:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004557091"},"modified":"2022-12-08T19:23:46","modified_gmt":"2022-12-09T03:23:46","slug":"san-francisco-market-update-psf-prices-down-as-sales-volume-increases","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-psf-prices-down-as-sales-volume-increases\/","title":{"rendered":"San Francisco Market Update: Prices Tick Down as Deals Boom"},"content":{"rendered":"

\"\"<\/a>Through the first three quarters of the year, office transaction volume in the San Francisco-Peninsula market reached $3.3 billion, 133.2 percent higher than last year\u2019s amount over the same period ($1.4 billion), CommercialEdge data shows. The average price per square foot was $681 in September, 42.3 percent lower year-over-year but 130 percent higher than the national average ($295).<\/p>\n

In September, San Francisco-Peninsula office sales generated just over $1 billion in revenue, an immense jump from the previous month\u2014when sales totaled $109 million. Five sales closed in September, or 1.6 million square feet, across all quality classes. The largest transaction was the $800 million acquisition of PG&E\u2019s headquarters by Hines<\/a> in the metro\u2019s South Financial District. The sale was first announced in May, and the California Public Utilities Commission also approved PG&E\u2019s request to return roughly $400 million of the net gain to its customers over a five-year period.<\/p>\n

In the SoMa submarket, Ellis Partners acquired a 168,000-square-foot creative office building for $231 million from American Realty Advisors. The building at 153 Townsend St. traded at roughly $1,372 per square foot, the highest recorded in the market this month.<\/p>\n

Sales in the Bay Area\u2014comprising the East and South Bay\u2014market over the first three quarters totaled just over $7 billion, 188.2 percent higher than the figure recorded in 2020 over the same period. The average price per square foot was $593, 1.5 percent higher month-over-month and 45.7 percent higher year-over-year, a growth highlighting the increased demand for quality life sciences<\/a> and tech space.<\/p>\n

In September, nine office assets traded in the Bay Area market, generating $583 million in revenue, 60.0 percent lower month-over-month, but 144.9 percent higher year-over-year. A total of 965,000 square feet of office space changed hands, with largest transaction also recording the highest price per square foot ($1,014). In Cupertino, Apple bought five buildings, totaling 211,024 square feet, for $450 million from Berg & Berg Enterprises. The tech giant will continue to occupy the campus.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Hines\u2019 $800 million acquisition of a trophy tower tops the list of recent sales.<\/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":[21783,21742,21747,1609,15],"tags":[51047,50674],"class_list":["post-1004557091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nSan Francisco Market Update: Prices Tick Down as Deals Boom - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-psf-prices-down-as-sales-volume-increases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Francisco Market Update: Prices Tick Down as Deals Boom\" \/>\n<meta property=\"og:description\" content=\"Hines\u2019 $800 million acquisition of a trophy tower tops the list of recent sales.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-psf-prices-down-as-sales-volume-increases\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-23T10:53:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:23:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tudor Scolca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-psf-prices-down-as-sales-volume-increases\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-psf-prices-down-as-sales-volume-increases\/\",\"name\":\"San Francisco Market Update: Prices Tick Down as Deals Boom - 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