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Report: Future of Office Market Cloudy

SAN FRANCISCO-The city's available inventory remained high yet showed signs of stability, at 20.18% from 20.17% compared to the second quarter, accoridng to a just-released third quarter report from Insignia/ESG.

By Michelle Savage | Updated on October 30, 2002

SAN FRANCISCO-The latest statistics from Insignia/ESG-San Francisco reveal that, while the city’s commercial real estate market shows no signs of immediate improvement, it is not likely that things will get worse either.

The commercial real estate firm’s third quarter data reveals continued excess sublease space, decreasing rental rates and historically high vacancy rates. Unprecedented stock-market gyrations, weakening consumer confidence and the continued threat of war have accentuated local-market volatility and squelched hopes of a near-term recovery. Then again, there were hints of stability in the third quarter, according to the report.

“This is a market of mixed signals,” says Mark Bodie, Research Services manager for Insignia/ESG’s San Francisco office.

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