The office market is showing renewed signs of life as firms evaluate and implement return-to-work strategies, with average leasing rates inching up 1.4% year-over-year to an average of $38.67 per square foot.
Manhattan remained the priciest market nationwide, with an average listing rate of $85.82 per square foot, followed by San Francisco, with average rates of $69.66 per square foot. The overall Bay Area market came in third, posting rates of $57.11 per square foot, the highest average full-service equivalent listing rate across the markets analyzed by CommercialEdge in a new report.
The Bay Area also came in first for year-over-year growth, showing an 8.6% increase over March 2020 numbers, followed by Washington D.C. and New Jersey.
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