San Francisco Bay Area Office, Q1 2021
Despite renewed hope surrounding the vaccine roll-out, rising vacancy and availability rates persisted through Q1 2021 in the San Francisco office market.
During Q1 2021, the San Francisco Peninsula Office market experienced its largest net absorption decline since the regional stay-at-home orders were put into place, ending with 644,684 sq. ft. of negative net absorption.
All signs point to this quarter being the trough as nearly all the regions’ top office occupiers lay out plans for their employees to safely return to the workplace and revive the Silicon Valley commercial real estate market.
With tours and deal flow picking up, Oakland is returning as the hot spot for tenant migration and “hub-and-spoke” locations as average asking rents remain at a reasonable price
The I-680 Corridor office market experienced a slow spring towards full strength in Q1 2021, where leasing velocity has struggled to build momentum.