Search
 

Report: Office Leasing on the Decline

SAN FRANCISCO-Leasing activity in the fourth quarter here was off 21% compared to the third quarter, and the year-end total is off 10% from 2004. The numbers are expected to continue falling in 2006, according to a new report.

By Brian K. Miller | Updated on January 31, 2006

SAN FRANCISCO-San Francisco leasing activity slowed by 21% in the fourth quarter and year-end totals were off 10% from 2004, according to a new report from Studley, the New York City-based tenant rep specialist. The pace will continue to slow through 2006, according to the report.

The city’s fourth quarter leasing activity totaled approximately 1.4 million sf, according to the report, with class A space accounting for 73% of the total volume. For the year, overall leasing activity totaled 6.7 million sf, which is off 10.1% from 2004′s total of 7.4 million sf. Class A space leasing totaled 4.5 million sf, off 14.3% from the 2004 total of 5.2 million sf.

Studley claims that while employment in Downtown increased at its average historic rate of approximately 1.2%, or 4,000 office jobs, total leasing volume equates to twice as many jobs. Studley EVP Steve Barker, co-branch manager of the San Francisco office, says that indicated that firms were forward planning for the next few years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.