{"id":1004566499,"date":"2022-02-18T06:57:58","date_gmt":"2022-02-18T14:57:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566499"},"modified":"2022-12-05T14:30:50","modified_gmt":"2022-12-05T22:30:50","slug":"san-francisco-market-update-uneven-ground-for-office-transactions-in-2021","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-uneven-ground-for-office-transactions-in-2021\/","title":{"rendered":"San Francisco Market Update: Uneven Ground for Office Transactions in 2021"},"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 investment sales in the San Francisco-Peninsula market totaled $3.9 billion in 2021, roughly the same amount as the previous year, <strong>CommercialEdge<\/strong> data shows. Lingering uncertainties regarding the sector have had a deep impact in San Francisco, leading to a decline in prices and <a href=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-office-vacancy-continued-to-rise-in-2021-rents-dropped\/\">struggling vacancy<\/a>. Sales activity remained significantly below the average recorded annually over the past five years\u2014$4.7 billion.<\/p>\n<p>Prices dropped across the board once the effects of the crisis were in full swing. After several quarters of growth, San Francisco&#8217;s average price per square foot reached $656 as of December, 43.1 percent lower year-over-year. The metro was the third most expensive to invest in, exceeded only by Brooklyn ($661 per square foot) and Manhattan ($1,253).<\/p>\n<p>Despite a slower path to recovery, investors, developers, and office owners were confident in the market\u2019s rebound, leading to some significant transactions taking place in 2021. A total of 8.4 million square feet, or 60 properties, traded across the San Francisco-Peninsula market.<\/p>\n<p>Two of the largest office transactions occurred in urban submarkets. In Mission Bay, <strong>KKR<\/strong> closed on the market\u2019s priciest acquisition of the year. The global investment firm paid <a href=\"https:\/\/www.commercialsearch.com\/news\/kilroy-realty-to-sell-san-francisco-office-asset-for-record-1b\/\">$1.08 billion to <strong>Kilroy Realty Corp.<\/strong> for The Exchange on 16th<\/a>, a 750,000-square-foot office building at 1800 Owens St. In 2017, <strong>Dropbox <\/strong>signed a 15-year agreement for the space\u2014at the time the largest Class A office lease ever completed in San Francisco.<\/p>\n<div id=\"attachment_1004561110\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/200-Mission-SF.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004561110\" data-attachment-id=\"1004561110\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-expands-vision-for-downtown-sf-development\/200-mission-sf\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/200-Mission-SF.jpg\" data-orig-size=\"797,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&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;0&quot;}\" data-image-title=\"200 Mission, San Francisco\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;200 Mission, PG&#038;E&#8217;s ex-headquarters. Image courtesy of Hines &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/200-Mission-SF.jpg?w=797\" class=\"size-medium wp-image-1004561110\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/200-Mission-SF.jpg?w=300\" alt=\"200 Mission\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/200-Mission-SF.jpg 797w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/200-Mission-SF.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/200-Mission-SF.jpg?resize=768,578 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004561110\" class=\"wp-caption-text\">200 Mission reimagined. Image courtesy of Hines<\/p><\/div>\n<p>Another high-profile deal was <strong>Hines Interests\u2019 <\/strong>$800 million acquisition of the <strong>PG&amp;E<\/strong> headquarters in the city\u2019s Financial District. The utility company decided to sell the 1.4 million-square-foot building as part of its transition to Oakland. In September, the <a href=\"https:\/\/www.commercialsearch.com\/news\/pge-800m-hq-sale-moves-forward\/\">transaction was approved by the California Public Utilities Commission<\/a>, also approving the return of roughly $400 million of the net gain to PG&amp;E customers over a five-year period. In December, Hines unveiled its plans for the property\u2019s future\u2014the redevelopment of roughly 1.6 million square feet of office space and the addition of an 85-story multifamily tower, among other details.<\/p>\n<p>The Bay Area\u2014comprising the East and South Bay\u2014market recorded the highest volume for office transactions among all metros tracked by CommercialEdge. In 2021, office sales generated $8 billion, 105 percent more year-over-year. Investments in tech and life sciences were responsible for a significant chunk of the volume. As opposed to the San Francisco-Peninsula region, prices per square foot in the Bay Area have risen by 17.0 percent year-over-year, to $516 as of December.<\/p>\n<p>The market\u2019s largest non-portfolio transaction occurred in Oakland, in March. Singapore-based <strong>Mapletree Investments <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-oaklands-iconic-uptown-station\/\">paid $419 million for Uptown Station<\/a>, a 404,922-square-foot office property at 1955 Broadway. <strong>CIM Group<\/strong> sold the 1920s landmark asset, which at the time was leased to fintech firm Square.<\/p>\n<p>KKR also invested in the San Jose office market last year. In August, the company acquired <a href=\"https:\/\/www.commercialsearch.com\/news\/kkr-closes-largest-bay-area-office-deal-ytd\/\">HQ @ First for $535 million<\/a> from <strong>Mori Trust Co.&nbsp;<\/strong>The three buildings comprise over 600,000 square feet and are occupied by <strong>Micron Technologies<\/strong>.<\/p>\n<p>Other significant transactions included <strong><a href=\"https:\/\/www.commercialsearch.com\/news\/linkedin-buys-global-hq-for-323m\/\">LinkedIn buying its Sunnyvale campus for $323 million<\/a><\/strong> from <strong>RREEF Property Trust<\/strong>, and <strong>ACG Equity Partners <\/strong>closing a <a href=\"https:\/\/www.commercialsearch.com\/news\/acg-equity-partners-agrees-to-pay-775m-for-san-jose-office\/\">$775 million, three-building portfolio deal<\/a>, part of Coleman Highline, a 1.7 million-square-foot project developed by <strong>Sansome Partners<\/strong> and <strong>Hunter Properties<\/strong>.<\/p>\n<p>The Bay Area market recorded 157 office sales in 2021 (including unpublished and portfolio deals), comprising over 17.8 million square feet.<\/p>\n<p><em><a href=\"https:\/\/www.commercialedge.com\/\">CommercialEdge<\/a> 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\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The East Bay and South Bay led the region in sales volume.<\/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":[21783,21747,1609,15],"tags":[51047,50674],"class_list":["post-1004566499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-office","category-san-francisco","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>San Francisco Market Update: Uneven Ground for Office Transactions in 2021 - 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