Office Occupancy Soars in San Francisco

Occupancy rates continue to rise in San Francisco’s office market. Net absorption surpassed 1 million square feet for a third consecutive quarter to close out 2019. Tech tenant expansions were prevalent. Large tenants have led the push, taking new buildings developed in the peninsula and large blocks of second generation space in the city vacated by non-tech tenants. While it’s clear that many companies are leaving the city for more affordable markets, tech expansions are more than making up for their loss.