San Francisco, aka Camelot:

  • 11.8 M square feet available (direct + sublease).
  • 900,000 sf of available space came on the market during the past 30 days.
  • 9.8% total inventory is available
  • 5.2M sf under construction (will add 4% to total inventory).
  • Market size 119M sf
  • Total Net Absorption, Q2: 1.7M sf.
  • Total leasing activity at 3.7M sf = up 5% from last quarter
    • Subleasing activity at 434k sf = lowest in 4 years
    • Q2 Sublease net absorption FLAT

San Mateo County:

  • 6.5 M square feet available (direct + sublease).
  • 11.8% total available
  • 3.4M sf under construction (will add 6.5% to total inventory).
  • Market size 52M sf
  • Total Net Absorption, Q2: 171,000 sf.
  • Total leasing activity at 800k sf = 3rd lowest in 9 years
    • Sublease deal activity lowest in 4.5 years
    • Q2 Sublease net absorption <81,588 sf> 

Alameda/Contra Costa Counties:

  • 13 M square feet available (direct + sublease)
  • 11.5% total available
  • 2M sf under construction (will add <2% to total inventory).
  • Market size 111M sf
  • Total Net Absorption, Q2: 64,000 sf
  • Total leasing activity at 1.3M sf = 2nd lowest in 7 years
    • Sublease deal activity at 53k = lowest in 4.5 years.
    • Q2 Sublease net absorption <54,227 sf>