JLL San Francisco 2nd Quarter Office Market Stats Released!
From our fantastically talented and always accurate research teams come all you need to know, to be in the know, in San Francisco following the 2nd quarter of 2017.
Uptick in demand is driving the market forward despite supply increase & muted absorption
1. Leasing activity is strong, with more than 1.3 MSF in transactions greater than 20,000 square feet in the second quarter.
2. Higher cost creative space build-outs are pushing tenant improvement costs up, and owners are responding with higher TI allowances on spaces that require significant improvement.
3. Rental rates expected to be stable through year end as demand remains strong, keeping increased availabilities at bay.
Total net absorption (sf): -136,571
Direct vacancy (%): 7.4%
Total vacancy (%): 8.6%
Average asking rent ($ psf): $74.17
Rent growth (last qtr.): 1.0%
Rent growth (year ago qtr.): 1.5%
Rent growth (Since Q1 2010): 121.0%
Major contributors to Q2 2017 positive absorption:
Major contributors to Q2 2017 negative absorption:
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Tom Poser, EVP at JLL
415–509–0596/ tom.poser (@) am.jll.com
JLL San Francisco 2nd Quarter Office Market Stats Released! was originally published in Tom Poser on Medium, where people are continuing the conversation by highlighting and responding to this story.