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2021 Q3 San Francisco Peninsula Market Research Report

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Market Remains Stable as Activity Continues to Reach Elevated Levels


San Francisco Peninsula’s commercial real estate market continued its ascent to record levels in the third quarter of 2021, measuring over 2.7 million square feet in gross absorption, up 33.2 percent year-over-year. There was an uptick in occupancy this quarter in San Mateo County, measuring 563,000 square feet in positive net absorption, a 136.7 percent increase year-over-year and a 41.0 percent increase quarter-over-quarter. Construction continues to play a prominent part in the success of the Peninsula, with nearly 5.0 million square feet under construction, 305,000 square feet of which is set to complete by the end of this year. The overall vacancy improved marginally quarter-over-quarter, down 60 basis points to 7.1 percent in Q3 2021 but remains significantly above Q3 2020, when vacancy stood at 4.0 percent.


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2021 Q3 San Francisco Peninsula Market Research Report

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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

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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

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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

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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.

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