Prime office rents in San Francisco moved the city up from the 22nd most expensive office market in 2013 to the 12th in 2019, according to CBRE’s Global Prime Office Occupancy report. Prime San Francisco office rents remain less than half the cost of Hong Kong and London’s top submarkets. San Francisco is a top market for talent and innovation, but with scarce available space at all price levels and no available new deliveries expected until 2023, increases in rents are expected to continue.