Despite a high vacancy rate of 34.3%, the San Francisco office leasing market shows signs of stabilization with a net absorption indicating a potential bottoming out of the market.
San Francisco's office market vacancy peaked at 37% mid-2024 but is now showing small improvements, suggesting that the demand for office space may be recovering.
Notably, firms like OpenAI and UCSF are making significant new lease deals which reflect a potential shift in the market, moving from large-scale vacancies to occupancy.
Colin Yasukochi from CBRE emphasizes that despite past struggles, 'current tenant demand and future net absorption potential remain high,' indicating optimism for recovery.
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