Bay Area Leasing Activity Down 50%

THEREGISTRY November 4, 2022, Cresa reported that Bay Area leasing activity to date remains 50.2 percent below 2019 levels during the same timeframe and in the last year, 3.6 million square feet of direct space has been added to landlords availability.  There is demand for trophy office space in San Francisco, upper floors with Bay views, and these types oif buildings are 95% leased. However, trophy asses only account for 10% of the market. This means the other 90% of the office market has a much higher vacancy factor. In a recent Colliers presentation by their San Francisco office experts, the rental rates for Tier 1 buildings are double what they are for the lower end of the market.