San Francisco Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $62.20 2023 Avg. Asking Rent
  • 26.04% 2023 Office Vacancy Rate
  • $508.6M2023 Total Office Sales
  • $288.85Avg. Sale Price/SF

San Francisco office price per square foot in 2023 was $62.20 on average. The local office market recorded an average vacancy rate of 26.04% across all asset classes combined. The 9 transactions that closed here throughout 2023 amounted to a total sale volume of $508.6M. San Francisco office space commanded an average sale price per square foot of $288.85.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • San Francisco Class A & A+ Office Space$63.40
  • San Francisco Class B Office Space$59.07
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

San Francisco, CA Office Asking Rents by Class

2023 Office Vacancy Rates in San Francisco

Submarket Asking Rents Vacancy Rates
San Francisco - Presidio Heights $80.57 23.11%
San Francisco - North Waterfront $72.95 33.84%
San Francisco - Southwest $72.81 51.01%
San Francisco - South Financial District $66.73 23.58%
San Francisco - West Van Ness $66.48 26.41%
San Francisco - SOMA $59.38 33.22%
San Francisco - Civic Center $58.68 26.77%
San Francisco - North Financial District $53.26 24.68%
San Francisco - Mission District $48.66 19.31%
South San Francisco $48.02 14.63%
San Francisco - Nob Hill $42.00 3.58%
San Francisco - Potrero Hill $41.39 24.84%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the San Francisco market was 26.04% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in San Francisco was 3.58% in the San Francisco - Nob Hill submarket, while the highest office vacancy in the market was 51.01%, recorded in San Francisco - Southwest.

Office Spaces for Rent in California

San Francisco Office Sale Price per SF

  • $288.852023 Avg. Price per SF
  • $508.6M2023 Office Sales Volume
  • 92023 Number of Transactions

San Francisco, CA Sale Price per SF Trend

  • San Francisco Avg. Sale Price per SF in 2023$288.85
  • California Avg. Sale Price per SF in 2023$256.51
The sale price for office space in San Francisco averaged $288.85 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $256.51 per square foot.

2023 Office Sales Volume

  • San Francisco, CA Total Office Sales Volume in 2023 $508.6M
  • San Francisco, CA Total Number of Office Sales Closed in 2023 9
A total of 9 deals closed on the San Francisco office market in 2023, adding up to a yearly sales volume of $508.6M. Notably, the largest transaction on the market saw North Park change hands for $82,000,000 on 12/12/2023.
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in San Francisco, CA

  • San Francisco, CA Total SF completed in 2023 701,963
  • San Francisco, CA Total SF under construction in 2024 1,275,957

During 2023, 701,963 square feet of new office space were delivered across the market. At the close of 2023, the San Francisco office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 701,963 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,275,957 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in San Francisco
Office building Address SF Completed
1450 Owens 1450 Owens Street, 94158 215,396 2024
Eleven Eighty at Crissy Field 1185 Mason Street, 94123 84,000 2023
531 BRYANT 531 Bryant Street, 94107 51,409 2023
415 Natoma 415 Natoma Street, 94103 640,000 2022
100 Stockton 100 Stockton Street, 94102 248,714 2022
Uber Mission Bay 1 & 2 1455 3rd Street, 94158 486,600 2021
300 Grant Avenue 300 Grant Avenue, 94108 69,600 2021
Southbridge Plaza 345 4th Street, 94107 60,000 2021
49 South Van Ness Avenue 49 South Van Ness Avenue, 94103 481,000 2020
The Exchange on 16th 1800 Owens Street, 94117 750,370 2019

Worth noting among recent office completions on the San Francisco market is 1450 Owens, which is currently the largest new office development in the city, at 215,396 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all San Francisco commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.