CBRE: Leasing market still active in San Francisco
Office leasing activity is continues in San Francisco during the shelter-in-place mandate, reported CBRE in its Northern California Capital Markets May newsletter.
CBRE has tracked nearly one million square feet of lease deals completed in San Francisco, including four large deals over 100,000 square feet that comprise more than 640,000 square feet of completed deals.
New inventory on the market
Since the shelter-in-place order went into effect, the San Francisco, Silicon Valley and Peninsula office markets have added 1.9 million square feet of direct and sublease office space. This represents less than 1 percent of the total square footage in the market. The Silicon Valley and the Peninsula markets have held up strong over the past eight weeks, where a majority of the space added to the market is less than 10,000 square feet, at 87 percent and 73 percent respectively.
Mirroring the office market, the Silicon Valley and Peninsula R&