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Tech Sector Drives Office Market

SAN FRANCISCO-Following a sluggish first half of 2013, tech companies resumed their aggressive pursuit of space in the third quarter, according to the San Francisco Studley Report.

By Natalie Dolce | Updated on November 06, 2013

SAN FRANCISCO-The tech sector continues to drive the San Francisco office market, with the rapid expansion of local companies as well as an influx of Valley firms and others from outside the region contributing to the acceleration. Following a sluggish first half of 2013, tech companies resumed their aggressive pursuit of space in the third quarter, according to the San Francisco Studley Report.

Overall leasing volume equaled three million square feet, significantly higher than the historical quarterly average of 1.9 million square feet, says the report. “While some larger tech companies are considering options in multiple areas of San Francisco, including Mission Bay, small to medium-sized companies continue to target SoMa’s industrial-style, creative space, driving rents in class B product above that of class A space in some cases.”

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