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2021 Q2 San Francisco Peninsula Market Research Report

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Development Reinvigorates the Peninsula Market


San Francisco Peninsula’s commercial real estate market bounced back in Q2 2021 with 2.9 million square feet of gross absorption, up 184.5 percent compared to Q2 2020. However, the bulk of this activity stemmed from new construction coming online. More than 2.0 million square feet of office and R&D space was delivered, 95.3 percent of which was immediately absorbed due to expansion commitments made prior to the pandemic. The overall market vacancy rate did not change from the previous quarter, standing at 7.7 percent, and remains 150 basis points above the same period last year.


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2021 Q2 San Francisco Peninsula Market Research Report

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Related Experts

Nicole So

Senior Research Analyst

Silicon Valley

Nicole began her real estate journey with Colliers where she has been a key member of the Research Team for the Silicon Valley for five years. Her focus rests on the San Francisco Peninsula, where she produces market reports that analyze the data to show tenant demand, market statistics, and market trends. She currently resides in Santa Clara with her two cats and enjoys being in the outdoors, playing guitar, and eating at delicious restaurants with her boyfriend.

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Mike Cobb

Senior Vice President

Silicon Valley

Mike specializes in the sale and leasing of office, industrial and R&D properties on the San Francisco Peninsula. Mike possesses a depth of market knowledge and experience, and his expertise has proven a great benefit to his clients.

A skilled market analyst and forecaster, Mike has been the lead author of Colliers’ San Francisco Peninsula quarterly market report since 2002. He is the owner of Opinion of Value, a leading commercial real estate blog covering the San Francisco Peninsula and Silicon Valley. In addition to successful assignments with institutional and local property owners, Mikes’ clients have included prominent local technology firms, start-ups, and national manufacturing concerns. He has also successfully represented various non-profit organizations on highly challenging facility acquisition and disposition assignments. Mike joined Colliers International in December, 2001 as a veteran of the brokerage industry and with a strong focus on the Peninsula market.  Mike is active in his local community. He has served as a Director on the boards of a number of non profit groups involved in education and the arts, and been appointed to several financial oversight commissions within his local school district. He has also coached youth sports.


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Mike Davis

Executive Vice President

San Francisco Peninsula

Mike joined Colliers International to lead the company’s Industrial/Research & Development (R&D) Division on the San Francisco Peninsula. Since joining Colliers he is consistently recognized as a top 10% producer nationwide (Everest Club) and a top producing broker in San Mateo County. Prior to joining Colliers, he was Grubb & Ellis’ Top 3 producer in 2011 and in 2008, 2007, 2004, 2003 and 2002, he was the #1 producer for CB Commercial in San Mateo County. Mike has trained several commercial real estate advisors and has been an active principal in his own real estate investments. Mike counts among his clients: Avis/Budget, Balco Properties, Black Creek Group, BYD, California Teachers Association, DHL, GLP, iStar Financial, Link Industrial Properties (Blackstone), LSG Sky Chefs, Oracle, Prologis, ReadySpaces, The San Francisco Examiner, Union Pacific, UPS, and Windy Hill Property Ventures to name a few. 

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John Moe

Executive Managing Director, San Francisco Bay Area

San Francisco

As Executive Managing Director and leader of the San Francisco and San Francisco Peninsula Offices for Colliers International, John Moe is an industry leader with more than 30 years commercial real estate experience. In addition to day-to-day operations for these two markets, John also oversees capital markets, agency leasing and coordination with property management services across all the offices in Northern California and Reno, Nevada..

John’s has a proven track record throughout the Western U.S., leading teams in asset management, property operations, leasing, sourcing and underwriting acquisitions and dispositions, project management and construction management. Prior to joining Colliers, John was Market Managing Director for the Pacific Northwest region and Western Region Managing Director of Investments for Equity Office Properties, a Blackstone portfolio company. He also previously held leadership positions with DivcoWest Group, Cornerstone Properties/William Wilson & Associates, and Maguire Thomas Partners.

Specializing in value creation, John has worked across portfolios of over 50 million square feet of urban and suburban office, medical office, R&D, industrial, hotel and mixed-use properties with some of the nation’s leading institutional owners.  Highlights include leasing over 40 million square feet and investment underwriting of over 57 million square feet in excess of $13 billion. 

Working closely with Kevin Morgan (President, Northwest Region and Head of Agency Leasing U.S.) and the Northwest executive leadership team, John will support the region’s strategic plan for growth and business development throughout Northern California.

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