The 25-million-sf Downtown Financial District is best off this week, with a 7.44% direct vacancy rate and a 13.47% overall rate. The 15-million-sf South Financial District has a 9.16% direct vacancy rate and a 17.61% overall rate. The 2-million-sf SOMA District, meanwhile, has a 22.95% direct vacancy rate and a 28.75% overall vacancy rate, and the 1-million-sf Lower SOMA District has over 40% available on a direct basis and more than 50% available overall.

The average rental rate for the city has dropped to $31.90 per ft, annually, which is at or below the average from 1988. Rates in the South Financial District are commanding the highest average rate, $60 per sf, while prices in the 900,000-sf Mission Bay district are averaging $23 per sf.

Development in the city may have drastically declined as a result of the crumbling market, but it is not at a complete standstill. GlobeSt.com has been informed of three projects that are in the construction stages and have not been canceled or delayed.