{"id":1004799868,"date":"2026-01-20T02:23:00","date_gmt":"2026-01-20T10:23:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004799868"},"modified":"2026-05-25T02:25:30","modified_gmt":"2026-05-25T10:25:30","slug":"after-big-deliveries-san-francisco-office-pipeline-slows","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/after-big-deliveries-san-francisco-office-pipeline-slows\/","title":{"rendered":"After Big Deliveries, San Francisco Office Pipeline Slows"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Kilroy-Oyster-Point-II-e1766049728252.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004781944\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-office-market-update\/kilroy-oyster-point-ii\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Kilroy-Oyster-Point-II-e1766049728252.jpg\" data-orig-size=\"640,480\" 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=\"Kilroy_Oyster_Point_II_San Francisco\" data-image-description=\"&lt;p&gt;Image sourced from Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 865,000-square-foot Kilroy Oyster Phase II reached completion this March. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Kilroy-Oyster-Point-II-e1766049728252.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Kilroy-Oyster-Point-II-e1766049728252.jpg\" alt=\"Exterior shot of the 865,000-square-foot office building at 373 Oyster Point Blvd. in San Francisco.\" class=\"wp-image-1004781944\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Kilroy-Oyster-Point-II-e1766049728252.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Kilroy-Oyster-Point-II-e1766049728252.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The 865,000-square-foot Kilroy Oyster Phase II reached completion this March. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>San Francisco&#8217;s office sector experienced mixed performance across several key metrics year-to-date through November, Yardi Matrix data shows.<\/p>\n\n\n\n<p>While U.S. <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-deliveries\/\">construction activity hit a historic low<\/a>, San Francisco&#8217;s pipeline also shrank significantly to one of the smallest in the country. The tighter development pace is due to long-time under-construction projects being brought online, adding to the market more than 3 million square feet that has yet to be absorbed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-shrinking-pipeline-reflects-pullback-in-office-construction\">Shrinking pipeline reflects pullback in office construction<\/h2>\n\n\n\n<p>Year-to-date through November, San Francisco\u2019s office sector had 1.4 million square feet of space underway across seven projects. This represented 0.7 percent of existing stock\u2014on par with the national average and ahead of Manhattan (0.6 percent) and Washington, D.C. (0.2 percent). Miami led all gateways at 2.3 percent, followed by Boston at 1.8 percent.<\/p>\n\n\n\n<p>San Francisco\u2019s pipeline ranked seventh among gateway markets, ahead of only Washington, D.C., where developers had 856,971 square feet under construction. Boston continued to lead with 5.4 million square feet underway, while Manhattan followed with 2.7 million square feet. Although demand persists for selected new projects, overall development activity in 2025 has reached historic lows, allowing the market time to absorb recent deliveries.<\/p>\n\n\n\n<iframe title=\"Office Pipelines Across Gateway Markets\" aria-label=\"Table\" id=\"datawrapper-chart-nXCWC\" src=\"https:\/\/datawrapper.dwcdn.net\/nXCWC\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"468\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script>\n\n\n\n<p>For competitive office projects specifically, San Francisco had just 533,537 square feet underway, representing only 0.3 percent of inventory\u2014one of the smallest pipelines among the top 25 office markets. Despite this sharp pullback in construction, planned or proposed projects accounted for 3.5 percent of inventory.<\/p>\n\n\n\n<p>The metro\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-projects-under-construction-in-san-francisco\/\">five largest projects<\/a> total a combined 1.2 million square feet. The largest is Potrero Power Station\u2019s Block 2, a 278,230-square-foot development that broke ground in August. Associate Capital is developing the project as the centerpiece of the $2 billion, 29-acre Dogpatch Power Station redevelopment, replacing the former PG&amp;E power plant with 1.6 million square feet of office and research labs, 110,000 square feet of retail, and 2,601 homes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-long-running-projects-delivered-pushing-vacancy-strain\">Long-running projects delivered, pushing vacancy strain<\/h2>\n\n\n\n<p>San Francisco <a href=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-office-market-begins-2025-on-a-high-note\/\">started 2025 strong<\/a> in terms of construction activity, ranking third in the nation during the first two months of the year. Activity then fell sharply as several under-construction projects finally delivered, reflecting the metro&#8217;s past construction surge sparked by <a href=\"https:\/\/www.commercialsearch.com\/news\/demand-for-lab-space-hits-10-year-low\/\">lab space demand<\/a>.<\/p>\n\n\n\n<p>Developers completed 3.3 million square feet across 12 properties as of November, marking an 8.4 percent year-over-year increase in office completions. The added inventory is expected to further put pressure on the office market&#8217;s vacancy, while Yardi Matrix data shows no new construction starts year-to-date.<\/p>\n\n\n\n<p>Major deliveries include the 865,000-square-foot Phase II of Kilroy Oyster Point, a life science project that <a href=\"https:\/\/www.commercialsearch.com\/news\/kilroy-breaks-ground-on-950m-life-science-project\/\">broke ground in 2021<\/a> and came online this March. The $940 million addition is part of Kilroy Realty Corp.&#8217;s 3 million-square-foot Kilroy Oyster Point campus, a waterfront biotech development in South San Francisco, one of the largest life science hubs in the country.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Spur-Phase-One-e1754483975642.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"804\" height=\"603\" data-attachment-id=\"1004767651\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/san-franciscos-office-market-still-strong-despite-challenges\/spur-phase-one-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Spur-Phase-One-e1754483975642.jpg\" data-orig-size=\"804,603\" 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=\"Spur Phase One\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;IQHQ&#8217;s first phase of The Spur is an all-electric life science development. Image courtesy of McCarthy Building Cos. Inc.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Spur-Phase-One-e1754483975642.jpg?w=804\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Spur-Phase-One-e1754483975642.jpg\" alt=\"Rendering of first phase of The Spur, a life sciences project in San Francisco.\" class=\"wp-image-1004767651\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Spur-Phase-One-e1754483975642.jpg 804w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Spur-Phase-One-e1754483975642.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Spur-Phase-One-e1754483975642.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 804px) 100vw, 804px\" \/><\/a><figcaption class=\"wp-element-caption\">IQHQ&#8217;s first phase of The Spur District is an all-electric life science property totaling 334,300 square feet at 580 Dubuque Ave.<em> Image courtesy of McCarthy Building Cos. Inc.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Another major completion is the coming online of a 334,300-square-foot life science building at 580 Dubuque Ave., also in South San Francisco. IQHQ developed the project with a $275 million construction loan. The eight-story structure has been in the works since 2022. It <a href=\"https:\/\/www.commercialsearch.com\/news\/iqhq-tops-out-330-ksf-life-science-building\/\">topped out last year<\/a> and reached completion in October. <\/p>\n\n\n\n<p>The building is the first phase of The Spur District, IQHQ\u2019s planned 2.6 million-square-foot office and lab mega campus. The developer has requested a 10-year extension and submitted plans for an 857,000-square-foot second phase\u2014an unusual move given current <a href=\"https:\/\/www.commercialsearch.com\/news\/lab-space-oversupply-hits-key-markets\/\">lab vacancies<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investment-activity-slow-but-prices-high\">Investment activity slow, but prices high<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/505-Montgomery-e1766047231778.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"800\" data-attachment-id=\"1004781940\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-office-market-update\/505-montgomery\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/505-Montgomery-e1766047231778.jpg\" data-orig-size=\"600,800\" 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;\\u00a9 Yardi Systems, Inc.&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=\"505_Montgomery_San Francisco\" data-image-description=\"&lt;p&gt;Image sourced from Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 24-story building at  505 Montgomery St. changed hands in one of the metro&#8217;s largest office sales of the year. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/505-Montgomery-e1766047231778.jpg?w=600\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/505-Montgomery-e1766047231778.jpg\" alt=\"Exterior shot of 505 Montgomery St., a 350,786-square-foot office building in San Francisco.\" class=\"wp-image-1004781940\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/505-Montgomery-e1766047231778.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/505-Montgomery-e1766047231778.jpg?resize=225,300 225w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><figcaption class=\"wp-element-caption\">The 24-story building at  505 Montgomery St. changed hands in one of the metro&#8217;s largest office sales of the year. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>San Francisco&#8217;s office market generated $1.3 billion in sales year-to-date through November. The metro ranked ninth nationwide and fifth among gateway markets.<\/p>\n\n\n\n<p>Manhattan led all markets with $7.3 billion in sales, followed by the Bay Area at $4.4 billion. Miami posted the lowest investment activity among gateways with $654 million in volume.<\/p>\n\n\n\n<p>San Francisco office properties traded at an average of $286 per square foot\u2014well above the national average of $190. The metro remained one of the priciest office markets in the country, ranking fourth behind Manhattan ($514 per square foot), the Bay Area ($386), and Miami ($360).<\/p>\n\n\n\n<p>The largest deal year-to-date was Peninsula Land &amp; Capital\u2019s <a href=\"https:\/\/www.commercialsearch.com\/blog\/peninsula-land-buys-505-montgomery-for-105-million\/\" target=\"_blank\" rel=\"noreferrer noopener\">$105 million purchase<\/a> of 505 Montgomery St. in the Financial District. The 350,786-square-foot building sold by Germany-based DWS Group previously changed hands in 2005, when it was included in a $358.5 million portfolio sale, according to Yardi Matrix.<\/p>\n\n\n\n<p>The second-largest transaction was Shorenstein\u2019s $91.6 million purchase of 1100 Park Place, a 127,633-square-foot property in San Mateo, Calif. The acquisition was part of a broader deal including an adjacent office property and a retail building,<a href=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-buys-bay-area-assets-for-145m\/\"> totaling $144.5 million<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ai-leasing-gains-momentum-vacancy-holds-high\">AI leasing gains momentum, vacancy holds high<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ca\/san-francisco\/\" target=\"_blank\" rel=\"noreferrer noopener\">San Francisco office space<\/a> had a vacancy rate that reached 25.7 percent in November\u2014far above the national average of 18.5 percent, though down 250 basis points year-over-year.<\/p>\n\n\n\n<p>The metro posted one of the highest vacancy rates among the top 25 U.S. markets. Only Austin (26.8 percent) and Seattle (26.6 percent) recorded higher figures. Miami had the lowest vacancy nationwide at 11.9 percent, followed by Manhattan (13.4 percent) and Los Angeles (14.4 percent).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/200-W.-Washington-Ave.-in-Sunnyvale-Calif.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004766420\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hunter-partners-jv-lands-ai-tenant-for-bay-area-building\/200-w-washington-ave-in-sunnyvale-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/200-W.-Washington-Ave.-in-Sunnyvale-Calif.jpg\" data-orig-size=\"800,620\" 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 W. Washington Ave. in Sunnyvale, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Databricks, a growing data and artificial intelligence company, is leasing the newly built, seven-story, 305,000-square-foot building at 200 W. Washington Ave. in Sunnyvale, Calif., in the Cityline mixed-use development. The company expects to move into its new Silicon Valley office space in late 2026. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/200-W.-Washington-Ave.-in-Sunnyvale-Calif.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/200-W.-Washington-Ave.-in-Sunnyvale-Calif.jpg\" alt=\"200 W. Washington Ave. in Sunnyvale, Calif.\" class=\"wp-image-1004766420\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/200-W.-Washington-Ave.-in-Sunnyvale-Calif.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/200-W.-Washington-Ave.-in-Sunnyvale-Calif.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/200-W.-Washington-Ave.-in-Sunnyvale-Calif.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Databricks will fully occupy the newly built, seven-story, 305,000-square-foot building at 200 W. Washington Ave. in Sunnyvale, Calif., in the Cityline mixed-use development.<em> Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Average asking rents in San Francisco were $65.03 per square foot\u2014more than double the national average of $32.77. The metro ranked second among the nation\u2019s most expensive office markets, behind Manhattan\u2019s $68.36 per square foot. Chicago posted the lowest average rent among gateway markets at $28.09 per square foot.<\/p>\n\n\n\n<p>Recent leasing activity includes <a href=\"https:\/\/www.commercialsearch.com\/news\/hunter-partners-jv-lands-ai-tenant-for-bay-area-building\/\">Databricks\u2019 full-building deal<\/a> totaling 305,000 square feet at 200 W. Washington Ave. in downtown Sunnyvale, Calif. The AI company will move in next year at the recently completed property.<\/p>\n\n\n\n<p>In May, Coinbase signed a 150,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/coinbase-eyes-150-ksf-san-francisco-hq\/\">lease for its new headquarters<\/a> at Mission Rock Building B, a 313,952-square-foot property owned by Tishman Speyer and the San Francisco Giants.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-coworking-sector-keeps-steady\">Coworking sector keeps steady<\/h2>\n\n\n\n<p>As of November, San Francisco\u2019s coworking inventory totaled 3.8 million square feet across 150 locations, according to CoworkingCafe. Flex space represented 2.2 percent of the metro\u2019s leasable office inventory\u2014matching the national average and Boston\u2019s figure. Chicago led gateway markets at 2.7 percent, followed by Manhattan at 2.5 percent.<\/p>\n\n\n\n<p>By inventory, Manhattan remained the largest flex market at 12.4 million square feet, with Chicago following at roughly 9 million square feet. San Francisco ranked sixth among gateways.<\/p>\n\n\n\n<p>WeWork remained the metro\u2019s largest provider with 736,795 square feet, followed by Regus (377,255 square feet), Studio by Tishman Speyer (256,759), Spaces (217,956), and MBC BioLabs (206,545).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Find out how the market is faring, according to Yardi Matrix data.<\/p>\n","protected":false},"author":2991,"featured_media":1004784138,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21783,52420,21747,1609,15],"tags":[51047],"class_list":["post-1004799868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-investment","category-market-updates","category-office","category-san-francisco","category-west","tag-marketupdate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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