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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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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
