CBRE has released their 1st Quarter office market update for downtown San Francisco. You can find the report here.
The Highlights:
January/February brought very aggressive rent reductions
Subleases/market leaders will close the most transactions
Look for capital challenges to take some buildings off the market
Overall vacancy increases for the sixth consecutive quarter
The Numbers:
Vacancy is up 13.6%
Lease rate is down to $35.91
Net absorption is down 914,345 sq. ft.
Construction completions are zero.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment