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October 2023 Multi-Family Market Report for Residential 5+ Unit Buildings

San Francisco's office market is seeing progress for the first time since the onset of the pandemic. Company searches for office space in the city are the highest they have been in years. Firms in the growing artificial-intelligence industry are leasing large blocks of space, signaling that the city's appeal as a tech hub hasn't evaporated. 2023 (has been) the most active year for sales since 2019. (Office building values and rents have dropped dramatically but constitute) the critical first steps toward recovery... The recent sales activity is part of the adjustment we've been waiting for,' said Ted Egan, San Francisco's chief economist. 'The market-moving is healthy'... Rent levels have fallen to the point that some tenants who were priced out of the city can afford space, brokers said that companies have search requests for 4.5 million square feet of office space, compared with 2.5 million square feet in January.

 

The Wall Street Journal, "San Francisco Office Market Shows of Life," 9/17/23

 

Any Improvement in San Francisco office leasing and occupancy is positive news for the city's residential rental market, though clearly the recovery has a substantial way to go.

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