San Francisco, aka Camelot:

  • 5 M square feet available (direct + sublease).
  • 1,350,000 sf of available space came on the market during the past 30 days.

  • 2% total inventory is available 

  • 6M sf under construction (will add 5% to total inventory). 

  • Market size 119M sf 

  • Total Net Absorption, Q1: 7M sf.
  • Total leasing activity at 2.7M sf = lowest in 6 quarters.
    • Subleasing activity at 450k sf = lowest in 14 quarters.
    • Direct activity at 2.2M sf = lowest in 5 quarters.
  • 2017 Year-End Net Absorption: <617,000 sf> 

San Mateo County:

  • 4 M square feet available (direct + sublease).

  • 6% total available
  • 5M sf under construction (will add 7% to total inventory).
  • Market size 51.8M sf

  • Total Net Absorption, Q1: 271,000 sf.
  • Direct and sublease deal activity was lowest in 8 years.
  • 2017 Year-End Net Absorption: 820,000 sf.

Alameda/Contra Costa Counties:

  • 13 M square feet available (direct + sublease) 

  • 5% total available 

  • 8M sf under construction (will add <2% to total inventory).
  • Market size 111M sf

  • Total Net Absorption, Q1: 656,000 sf
  • Direct and sublease deal activity was lowest in 8 years.
  • 2017 Year-End Net Absorption: <1,058,000 sf>