Rapidly evolving COVID-19 crisis shut down activity as the quarter ended

The COVID-19 crisis has transformed life in San Francisco, one of the first cities to take unprecedented measures to slow the spread of the novel coronavirus. In February, the city declared a state of emergency and by mid-March was one of the first major metro areas to institute a shelter-in-place order, bringing much business to a halt. Market impact will be significant, and the severity is dependent on how long current circumstances extend. Ahead of any pandemic-related impact, the market saw some softening as overall availability increased 160 basis points over the quarter to 11.2%. Similarly, Class A availability rose 190 basis points to 10.0% over the same period. Overall asking rents rose 2.2% quarterly to $83.50 per square foot (psf), while Class A asking rents increased nominally quarter over quarter to $88.78 psf.

Read the full report