The struggling office sector in San Francisco has ended 2024 with a surge in office leasing activity, a pause in the relentless rise of record-high vacancy rates and cautious optimism that a sustained recovery will develop by the middle of 2025.

Leasing activity jumped to more than 2.2M square feet in the fourth quarter, up from 1.7M in the previous quarter and the highest quarterly leasing volume since Q3 2019, a report from Savills showed.

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