Research - AUGUST 25, 2014

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S.F. Bay Area office rents continue to climb at leading global pace

by Reg Clodfelter

Despite the fact that office rents in the San Francisco Bay Area are already very high, they have continued to climb at a top pace globally, with rents in the Oakland–East Bay region climbing 7.0 percent from first quarter 2014 to second quarter 2014, and rents in San Francisco climbing 5.3 percent over the same period. These were the highest in the United States and the second and third highest growth rates globally, according to JLL. (Dublin, Ireland, led all metropolitan areas with a growth rate of 7.1 percent.)

Furthermore, second quarter office rents in the Oakland–East Bay region climbed 25.5 percent year-over-year, also the second highest rate globally, along with year-over-year office rent growth in the San Francisco Peninsula of 13.7 percent and year-over-year growth in San Francisco proper of 8.7 percent, which were the fifth and seventh highest global rates, respectively, according to JLL. (Dublin

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