San Francisco Continues to Experience Growth in Total Available Space
Leasing volume continued to be low during the first quarter of the year and was primarily driven by lease expirations. Although tour activity appeared to be on the rise in the first quarter, San Francisco had over 1.7 million square feet of negative net absorption that translated into an increase in the vacancy rate from 11.2 to 13.1 percent. Despite a continued increase in overall available space, San Francisco experienced a rise in tenant demand with 158 tenants in the market. The only delivery this quarter was at 420 Taylor Street for nearly 115,000 square feet.
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