{"id":1004589609,"date":"2022-07-13T03:28:59","date_gmt":"2022-07-13T11:28:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004589609"},"modified":"2022-12-09T02:37:21","modified_gmt":"2022-12-09T10:37:21","slug":"san-francisco-office-sales-on-downward-trend","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-francisco-office-sales-on-downward-trend\/","title":{"rendered":"San Francisco Office Sales on Downward Trend"},"content":{"rendered":"

\"\"<\/a>Office transactions in San Francisco kept a slow but steady pace through May. Two sales\u2014comprising 361,800 square feet of office space\u2014were recorded by CommercialEdge <\/strong>in the Peninsula market, for a total of $387 million, a 5x increase month-over-month.<\/p>\n

Despite the jump from April, overall San Francisco office investment activity is on a downward trend this year. Over the first five months of the year, sales amounted to $1.0 billion, 40.5 percent less than in 2021. Still, the San Francisco market remains one of the most expensive. The average price per square foot was $931 as of May, up 31.7 percent year-over-year, and significantly above the national $274. Only Manhattan had a higher average, at $967 per square foot.<\/p>\n

The largest of the two sales was a $356 million transaction in the SoMa submarket. DivcoWest <\/strong>acquired the 305,260-square-foot property at 550 Terry A. Francois Blvd. from Gap<\/strong>. The new owner aims to attract life science tenants to the building.<\/p>\n

Bay Area Office Sales Up M-o-M<\/h2>\n

The Bay Area market\u2014comprising the East and South Bay\u2014recorded $253 million in office transactions in May, up 220.3 percent month-over-month. All seven sales occurred in suburban locations, with 920,560 square feet of office space changing hands.<\/p>\n

A significant sale occurred in the Palo Alto submarket\u2014Wheatley Properties acquired 250 Cambridge Ave. for $39 million<\/a><\/strong> from Tarlton Properties<\/strong>. The asset traded at $1,039 per square foot, the most expensive of all transactions in May.<\/p>\n

On a year-over-year basis, sales in the Bay Area are also on a downward trend. Over the five-month period through May, CommercialEdge <\/strong>recorded $1.4 billion in office sales\u201456.5 percent less than the amount recorded over the same period last year. Properties traded for an average of $456 per square foot, down 20.4 percent year-over-year.<\/p>\n

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

Office investment activity in the Bay Area increased month-over-month but remains slow compared to 2021.<\/p>\n","protected":false},"author":1284,"featured_media":1004546923,"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-1004589609","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":"\nBay Area Office Transactions Up in May, Still Down Y-o-Y<\/title>\n<meta name=\"description\" content=\"In May, office sales in the Bay Area increased from the previous month, but activity is not catching up to last year's volume.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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