2019 Kicks Off with Strong Leasing Activity
The overall vacancy rate in San Francisco rose 90 basis points to 6.0 percent this quarter due to new construction hitting the market, but the vacancy rate remains at historic lows.
> LEASING VOLUME
San Francisco experienced very strong leasing activity during the first quarter, which translated to nearly 2.6 million square feet of closed transactions.
After six consecutive quarters of positive net absorption, San Francisco posted approximately 105,000 square feet of negative net absorption. This can be attributed to a lack of substantial move-ins since the end of last year.
Overall weighted rents rose 2.1 percent to $87.15 per square foot and non-weighted rents grew 2.8 percent to $77.81 per square foot during the first quarter of the year.