Is it the best of times and the worst for the San Francisco office market? In October it became the most expensive market in the U.S. – but also the one with the highest vacancy rates.
How is this possible at the same time? According to CommercialEdge’s November 2024 office market report, the average office rent in San Francisco was $69.14 per square foot– beating out the Manhattan average of $68.48. However, it found most of the increase within the San Francisco metro area is the result of high rates in suburban areas like Sand Hill Road, where the asking rent for Sand Hill Commons in Menlo Park was $204 per square foot in October.
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