Regional Summaries

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San Francisco, CA

Affordable housing remains scarce in the 147,000-unit San Francisco/West Bay market-rate, investment grade apartment market, but the shift to a tenants’ market due to booming supply at the high-end is beginning to trickle down. The first quarter 2017 vacancy rate is 5.0% for market-rate apartments, according to Reis, up 10 basis points from the prior quarter and up 20 from a year earlier. The big move up was in 2015, with a 110-basis-points increase, but the rate has been edging up since then. The big news in metro San Francisco is falling rents, a trend partially reversed during the first quarter of 2017. Both the average asking rent and the average effective rent were up 0.4% over the quarter, to $2,946 and $2,838 per month. But average rents are down 0.6% and 1.4%, respectively, compared with a year earlier. VIEW APARTMENT LISTINGS >
Reis reports a 6.8% first quarter 2017 vacancy rate for San Francisco/West Bay warehouse/distribution space, down 20 basis points over the quarter and down 50 from a year earlier. Vacancy is low despite the absence of desirable big-box properties meeting modern needs. San Francisco industrial rents are rising steadily from already high levels. For warehouse/distribution space, Reis reports average rents at $9.05 psf asking and $8.50 psf effective, up 0.7% and 0.6% over the quarter and 2.3% and 2.4% year-over-year. The Flex/R&D vacancy rate is just 4.5%, up 40 basis points for the quarter and up 20 year-over-year. The average asking rent for San Francisco’s Flex/R&D space ended the first quarter at $14.90 psf, up 2.0% year-over-year, while the average effective rent is $13.87 psf, up 2.2%. The first quarter increase was 0.4% by both measures. VIEW INDUSTRIAL LISTINGS >
The 94.8-million-square-foot San Francisco/West Bay general purpose, multi-tenant office market reports a 10.0% vacancy rate in the first quarter of 2017, up 60 basis points during the quarter and up 30 from a year earlier. In the first quarter of 2017, rents edged up a mere 0.2% by both measures to $58.41 psf asking and $49.06 psf effective. Gains for all of 2016 were 4.0% and 4.3%, respectively. VIEW OFFICE LISTINGS >
The 9.8-million-square-foot San Francisco/West Bay community-neighborhood shopping center market has a first quarter 2017 vacancy rate of just 2.9%, up 20 basis points during the quarter but down 30 basis points year-over-year. Community-neighborhood center rents edged down in the first quarter while remaining extremely high. Both the average asking rent and the average effective rent slipped 0.1% to $36.30 psf and $32.97 psf. The year-over-year gains are 1.7% and 1.8%, respectively. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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