Leasing demand plunges again as the pandemic continues to severely stall San Francisco’s office market

Not long ago, San Francisco was one of the hottest commercial real estate markets in the country with no signs of slowing down. Now, however, it is facing massive disruption as business activity remains incredibly limited due to the pandemic and office market fundamentals are softening quickly. Leasing activity plummeted to just over 300,000 square feet (sf) in the quarter – a little more than half of what was recorded in the second quarter and negligible when compared to the 2.6 million square feet (msf) seen in Q3 2019. Only one lease over 50,000 sf was seen in the quarter with OpenAI leasing close to 100,000 sf at 575 Florida Street in the Mission District.

Read the full report