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Office Vacancy Rate Rises to 20%

San Francisco has highest rent, highest vacancy.

By Philippa Maister | November 25, 2024 at 06:18 AM

Is it the best of times and the worst of times for the San Francisco office market? In October it became the most expensive 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 SF – 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 SF in October.

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