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SAN FRANCISCO-San Francisco commercial real estate leasing activity has been making headlines since the market began to recover in 2010. But by the close of 2012, it was apparent that growth in the market was rivaling the hey-day of the late 1990s, according to Julia Georgules, a research manager at Jones Lang LaSalle, who recently spoke with us regarding the market here. She points out that the growth “will likely surpass the leasing level reached during the four-year period from 1997 through 2000.
According to Georgules, “Since 1997, leasing activity in San Francisco has averaged 1.9 million square feet per quarter. This takes into account the low periods, like Q4 2000, which recorded less than 1 million square feet, or Q4 2012, which recorded more than 3.1 million square feet.”
Thanks to those numbers, she says, “it's safe to assume that San Francisco will lease more than the 4.6 million square feet during the four quarters of 2013 and will meet the dot.com leasing total and even surpass that figure to make for a new record in leasing activity.”
So far in 2013, San Francisco has seen 1.3 million square feet of leasing, she says, thanks to large transactions like Salesforce.com at One Rincon, Square's expansion at 1455 Market, and Obvious at 760 Market.
To see more of what Georgules is talking about, check out the graph below.
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