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San Francisco, CA

Apartment
After four years of booming development and rising vacancy, rents have started to fall in the 146,427-unit San Francisco/West Bay market-rate, investment grade apartment market. The fourth quarter 2016 vacancy rate is 5.0%, according to Reis, up 30 basis points during 2016 but down 10 basis points for the quarter alone. In 2016, the average asking rent slipped 0.3% to $2,932 per month, and the average effective rent fell 1.5% to $2,821 per month. The fourth quarter decreases were 0.3% and 0.5%, respectively. VIEW APARTMENT LISTINGS >
Industrial
The West Bay (San Francisco Metropolitan Division) section of San Francisco’s 31.8-million-square-foot warehouse/distribution space segment and the 9.6-million-square-foot Flex/R&D segment are both perpetually tight and expensive, with little new development. Reis reports a 7.0% vacancy rate for West Bay warehouse/distribution space in the fourth quarter of 2016, down 40 basis points over the year and unchanged for the fourth quarter. For warehouse/distribution space, Reis reports average rents at $8.99 psf asking and $8.45 psf effective, up 2.4% and 2.7% over the year and 0.7% and 0.8% in the fourth quarter. The Flex/R&D vacancy rate is just 4.1%, down 40 basis points in 2016 and down 20 during the fourth quarter. The average asking rent for San Francisco’s Flex/R&D space ended 2016 at $14.84 psf, up 2.2% over the year and 0.6% in the fourth quarter. The average effective rent is $13.82 psf, up 2.5% over twelve months and 0.7% over three. VIEW INDUSTRIAL LISTINGS >
Office
The 94.9-million-square-foot San Francisco/West Bay general purpose, multi-tenant office market finished strong in 2016, more than absorbing the new supply that completed construction in the second half of the year. Reis reports a 9.4% vacancy rate for the fourth quarter of 2016, down 60 basis points during 2016 and unchanged for the quarter alone. In 2016, however, the average asking rent increased a more moderate 4.0% to $58.28 psf, with the average effective rent up 4.3% to $48.98 psf. The fourth quarter increases were 0.5% and 0.7%, respectively. VIEW OFFICE LISTINGS >
Retail
The 9.8-million-square-foot San Francisco/West Bay community-neighborhood shopping center market has a fourth quarter 2016 vacancy rate of just 2.7%, down 60 basis points during the quarter and down 40 over the year. In 2016, the average asking rent increased 2.3% to $36.35 psf, and the average effective rent increased 2.4% to $33.01 psf. The fourth quarter gains were 0.3% and 0.4%, respectively. The 2016 gains were almost identical to the 2015 gains of 2.4% asking and 2.5% effective. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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