4Q 2017 Office Market Performance *
San Francisco, aka Camelot:
- 12.5 M square feet available (direct + sublease).
- 800,000 sf of available space came on the market during the past 30 days.
- 10.1% total inventory is available
- 5.2M sf under construction (will add 5% to total inventory).
- Market size 116M sf
- Total Net Absorption, Q4: 155,000
Total DIRECT Net Absorption: 207,000 sf (1st quarter of positive growth in the past 6 quarters)
- 2017 Year-End Net Absorption: <617,000 sf>
San Mateo County:
- 6.1 M square feet available (direct + sublease).
- 11.2% total available
- 3.5M sf under construction (will add 7% to total inventory).
- Market size 51M sf
- Total Net Absorption, Q4: 236,000 sf.
Total DIRECT Net Absorption: 187,000 sf.
- 2017 Year-End Net Absorption: 820,000 sf
Alameda/Contra Costa Counties:
- 12.6 M square feet available (direct + sublease)
- 11% total available
- 1.8M sf under construction (will add <2% to total inventory).
- Market size 111M sf
- Total Net Absorption, Q4: <307,000 sf> (3rd consecutive quarter of major negative market performance)
Total DIRECT Net Absorption: <243,000 sf>
- 2017 Year-End Net Absorption: <1,058,000 sf>
*1/18/18
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