SAN FRANCISCO—The recent deluge coming from the sky is not the only bursting spigot in the region. A surging tech economy, an effective unemployment rate of zero during 2015, some of the highest rates of leasing and pre-leasing ever recorded, a pipeline of under-construction projects so robust it's near bursting, and continued strong investment sales are telegraphing to many market watchers that 2016 could be the most prolific and productive 12-month cycle in the history of San Francisco's office market. This prediction is shared by many, including Colliers International, which has released its year-end office market research report.

Alan Collenette, Colliers regional executive managing partner tells GlobeSt.com: "As I mentioned, the distillation from all of our research tells us that 'this time it really is different.' The companies in San Francisco have a pressure release valve for their office space, being a combination of Oakland and new construction in San Francisco (courtesy of Proposition M), but it is generally impossible for those companies to leave the Bay Area."

The Glittering Age that Collenette often mentions has resulted in office rents being much higher in San Francisco than they are in Manhattan and vacancies are much lower at 7.2% for San Francisco versus 9.6% in Manhattan. Additionally, unemployment in the Bay Area is 5% or less, a number that effectively equates to zero, according to the UCLA Anderson School of Management's latest survey. In San Francisco, the rate was even lower at 4%, according to the latest report from the Bureau of Labor Statistics. Anyone who wants to work can work in the Bay Area, according to Colliers' study.