{"id":1004573879,"date":"2022-04-01T01:24:44","date_gmt":"2022-04-01T09:24:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004573879"},"modified":"2022-12-09T02:43:44","modified_gmt":"2022-12-09T10:43:44","slug":"vacancy-february-san-francisco-office-bay-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vacancy-february-san-francisco-office-bay-area\/","title":{"rendered":"Vacancy Rates Grow Across San Francisco Through February"},"content":{"rendered":"

\"\"<\/a>Office leasing activity across the San Francisco-Peninsula market remains slow compared to other metros, but the Bay Area\u2014comprising the East and South Bay\u2014has seen significant improvements, according to CommercialEdge<\/strong> data. San Francisco\u2019s overall vacancy was 16.8 percent as of February, up by 90 basis points month-over-month and 400 basis points year-over-year.<\/p>\n

After staying ahead for most of 2021, San Francisco fell behind the national vacancy rate, which stood at 15.7 percent as of February. Among other gateway metros, only Chicago\u2019s rate was higher, at 20.3 percent, while Los Angeles (13.3 percent) and Manhattan (13.1 percent) stayed ahead.<\/p>\n

The metro\u2019s demand for high quality office space dedicated to life sciences and tech continued to keep prices relatively high, but their downward trend continued. The average full-service equivalent listing rate in San Francisco was $69.18 as of February, a 1.6 percent decrease year-over-year.<\/p>\n

Submarket Performance Largely Subpar<\/h2>\n

Almost no submarkets (with total stock over 8 million square feet) across the Peninsula market saw a decrease in vacancy rates in February. The South Financial District submarket was among those few, with the rate at 18.0 percent\u2014down 20 basis points month-over-month. In the North Financial District, the rate grew by 120 basis points month-over-month, to 16.8 percent, while SoMa saw an increase of 110 basis points, to 22.7 percent.<\/p>\n

On the other hand, bursts of improvements were recorded across East and South Bay submarkets. The Bay Area\u2019s overall rate was at 14.8 percent in February, down 140 basis points month-over-month.<\/p>\n

In Emeryville\u2019s growing life science hub, Canopy Health signed a lease for its new headquarters<\/a><\/strong> at CBRE<\/strong>\u2019s 16-story office tower. The physician and hospital-owned medical network is planning to occupy the new space by May 2022. The Emeryville submarket was among those that recorded a significant improvement in terms of vacancy\u2014at 14.6 as of February\u2014having dropped by 290 basis points month-over-month.<\/p>\n

CommercialEdge<\/a>\u00a0covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The market\u2019s overall rate also remains above the national average.<\/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":[21784,22251,21747,1609,15],"tags":[51047,50674],"class_list":["post-1004573879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-in-focus","category-office","category-san-francisco","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nSan Francisco Office Vacancy Update<\/title>\n<meta name=\"description\" content=\"San Francisco's overall office vacancy rates continued to grow through February, while a few submarkets across the Bay recorded improvements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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