Developers delivered 3.3 million square feet of office space across 12 properties in San Francisco as of November 2025, according to Yardi Matrix. New supply accounted for 1.7 percent of existing inventory\u2014well above the national rate of 0.5 percent at the time\u2014and marked an 8.4 percent year-over-year increase in completions.<\/p>\n\n\n\n
The wave of deliveries significantly reduced the metro\u2019s construction pipeline, as many of the projects stemmed from San Francisco\u2019s earlier development surge driven by lab space demand<\/a>. As of November, the pipeline totaled 1.4 million square feet across seven projects, representing 0.7 percent of inventory and ranking seventh among gateway markets. Competitive office space consisted of just 533,537 square feet of that total, placing San Francisco among the smallest pipelines within the top 25 U.S. office markets. As the new inventory has yet to be occupied, San Francisco’s under-construction pipeline will likely mirror national trends as the office development<\/a> hit a historic low in 2025.<\/p>\n\n\n\n Developers delivered the new space amid weak absorption<\/a>, pushing the office vacancy rate to 25.7 percent as of November. The following list includes the five largest projects that have added San Francisco office space<\/a> to the inventory. <\/p>\n\n\n\n