The third quarter has marked the second consecutive quarter since the onset of the pandemic that San Francisco registered more than 1 million square feet of leasing volume, according to Savills.
Despite growing concerns and local restrictions due to the COVID-19 Delta variant, signs of market resiliency and recovery are evident. The third quarter ended with close to 2 million square feet leased, an increase of 74 percent over the previous quarter. The majority of leasing activity occurred within the North and South Financial Districts, with a combined 1.3 million square feet leased between those two submarkets alone. San Francisco's overall availability rate dropped slightly, to 26.2 percent, a drop of 10 basis points from second quarter after climbing quickly — and steadily — since the pandemic began. Class A availability rate fell 10 bps as well, resulting in a 23.9 percent rate.
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