San Francisco Bay Area Office, Q2 2019
San Francisco's tight supply combined with high levels of large block demand has further increased average asking rents and compelled tenants to venture into uncharted territory.
Competition for spacein amenity rich areas have continued to push average asking lease rates across the San Francisco Peninsula as rates increased for the seventh consecutive quarter, reaching $$69.79 FSG in Q2 2019.
Significant construction completions and large user sales led to 2.8 million sq. ft. of positive net absorption in Q2 2019, the largest level of occupancy gains in Silicon Valley history.
Office tenant demand in Oakland reached an all time high in Q2 2019 with 94 tenants totaling 3.7 million sq. ft.
As a result of tightening market conditions and solid tenant demand along the I-680 Corridor, average asking lease rates continued to increase to $36.74 FSG in Q2 2019.