Bay Area office transactions total $5.5b

The San Francisco Bay Area’s office fundamentals remain very strong, bolstered by its highly trained employment pool, large availability of high-paying tech jobs and fast-growing economy, reported Yardi in its fourth quarter Bay Area report. 

More than 13 million square feet traded in the Bay Area for $5.5 billion year-to-date through September. Office space traded at an average price of $426 per square foot, 60 percent higher than the national average of $265. Transaction volume increased by 12 percent compared to the first three quarters of 2018.

The metro is on track to close the year with record growth. While rapidly rising rents price out smaller tenants, large tech companies and co-working players continue to expand their local operations. Shared office space firms leased some 300,000 square feet in the metro year-to-date through September. Employers added 29,100