San Francisco Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $68.56 2022 Avg. Asking Rent
  • 3.07% Y-o-Y Avg. Asking Rent Change
  • 21.12% 2022 Office Vacancy Rate
  • $848.3M2022 Total Office Sales
  • $1,053.70Avg. Sale Price/SF

San Francisco office price per square foot in 2022 was $68.56 on average. This marked a +3.07% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.12% across all asset classes combined. The 8 transactions that closed here throughout 2022 amounted to a total sale volume of $848.3M. San Francisco office space commanded an average sale price per square foot of $1,053.70.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • San Francisco Class A & A+ Office Space$74.50
  • San Francisco Class B Office Space$57.81
  • California Class A & A+ Office Space$59.32
  • California Class B Office Space$37.75
  • California Class C Office Space$25.55

San Francisco, CA Office Asking Rents by Class

2022 Office Vacancy Rates in San Francisco

Submarket Asking Rents Vacancy Rates
San Francisco - Presidio Heights $79.25 15.79%
San Francisco - South Financial District $74.18 20.34%
San Francisco - Southwest $73.83 50.09%
San Francisco - West Van Ness $68.21 11.44%
San Francisco - North Financial District $63.95 21.10%
San Francisco - Civic Center $58.66 30.31%
San Francisco - SOMA $56.01 20.32%
San Francisco - North Waterfront $52.33 28.16%
San Francisco - Mission District $50.01 25.79%
South San Francisco $47.91 10.98%
San Francisco - Nob Hill $42.00 3.58%
San Francisco - Potrero Hill $33.92 32.57%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the San Francisco market was 21.12% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in San Francisco was 3.58% in the San Francisco - Nob Hill submarket, while the highest office vacancy in the market was 50.09%, recorded in San Francisco - Southwest.

Office Spaces for Rent in California

San Francisco Office Sale Price per SF

  • $1,053.702022 Avg. Price per SF
  • 23.39%Y-o-Y Avg. PpSF Change
  • $848.3M2022 Office Sales Volume
  • 82022 Number of Transactions

San Francisco, CA Sale Price per SF Trend

  • San Francisco Avg. Sale Price per SF in 2022$1,053.70
  • California Avg. Sale Price per SF in 2022$396.51
San Francisco office space cost in 2022 marked a +23.39% change compared to the previous year. The sale price for office space in San Francisco averaged $1,053.70 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $396.51 per square foot.

2022 Office Sales Volume

  • San Francisco, CA Total Office Sales Volume in 2022 $848.3M
  • San Francisco, CA Total Number of Office Sales Closed in 2022 8
A total of 8 deals closed on the San Francisco office market in 2022, adding up to a yearly sales volume of $848.3M. Notably, the largest transaction on the market saw 550 Terry Francois change hands for $356,000,000 on 4/21/2022.

Largest San Francisco Office Sales in 2022

Property name Address Date Price
550 Terry Francois 550 Terry A. Francois Blvd 4/21/2022 $356,000,000
300 Grant Avenue 300 Grant Avenue 8/9/2022 $155,000,000
350 Rhode Island North Building 350 Rhode Island Street 1/7/2022 $118,000,000
180 Townsend Street 180 Townsend Street 4/29/2022 $71,000,000
Stonestown Medical Building 595 Buckingham Way 3/9/2022 $52,400,000
Data provided by Commercial Edge

Coworking Spaces in California

2022 Office Construction in San Francisco, CA

  • San Francisco, CA Total SF completed in 2022 1,838,723
  • San Francisco, CA Total SF under construction in 2023 896,424

During 2022, 1,838,723 square feet of new office space were delivered across the market. At the close of 2022, the San Francisco office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 1,838,723 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 896,424 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in San Francisco
Office building Address SF Completed
Mission Rock - Building B 1051 3rd Street, 94158 313,952 2023
Eleven Eighty at Crissy Field 1182 Mason Street, 94123 79,292 2023
531 BRYANT 531 Bryant Street, 94107 51,409 2023
415 Natoma 415 Natoma Street, 94103 640,000 2022
100 Stockton 100 Stockton Street, 94102 248,714 2022
Uber Mission Bay 3 & 4 1655 3rd Street, 94158 586,208 2021
Uber Mission Bay 1 & 2 1455 3rd Street, 94158 422,980 2021
Pier 70 - Building 12 520 20th Street, 94107 145,000 2021
Southbridge Plaza 345 4th Street, 94107 60,000 2021
49 South Van Ness Avenue 49 South Van Ness Avenue, 94103 481,000 2020

Worth noting among recent office completions on the San Francisco market is Mission Rock - Building B, which is currently the largest new office development in the city, at 313,952 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all San Francisco commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.