San Francisco’s office market softens further at year-end

Still grappling with the implications of COVID-19 and localized stay-at-home orders, the San Francisco office market is seeing ongoing softening and next to no leasing activity as companies delay long-term real estate commitments. As of now, even with optimism surrounding vaccine distribution, most companies are only expecting to bring workers back into the office in Q2 2021, at the earliest. Leasing totaled just 258,000 square feet (sf) this quarter, 40,000 sf less than the previous quarter and 85% below activity recorded in Q4 2019. The largest leases signed this quarter were Lattice signing for 40,000 sf of space at 360 Spear Street and Google expanding its footprint at 121 Spear Street by 42,000 sf.

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