Asking office rents in San Francisco reach new highs, again!
Asking rents at office properties in San Francisco reached another new high, according to Cushman & Wakefield’s first quarter San Francisco office report.
Robert Sammons, Cushman & Wakefield’s senior director of research for Northern California, said, “In the past six months, there have been two large pre-leases in San Francisco on proposed sites that have yet to reach entitlement; 325,000 square feet to Salesforce at Transbay Parcel F in the South Financial District and nearly 490,000 square feet to Pinterest at 88 Bluxome St. in SoMa. More than anything, these transactions speak to the scarcity of large-block supply in San Francisco and are examples of big space occupiers opportunistically ‘putting their stake in the ground’ to secure the future opportunity to grow their workforce in San Francisco.”
The citywide overall asking rent closed at a record $77.26 per square foot, up 8.2 percent year-over-year. The CBD class A direct asking rent was a r