SAN FRANCISCO-Cushman & Wakefield's Northern California research team recently released preliminary fourth quarter summary statistics for the San Francisco office market. One key point was that the investment market here finished 2013 very strong.
“Fresh capital continues to buy core assets, keeping cap rates in the 4% or lower.” says Cushman & Wakefield.
Other points from the preliminary report are as follows:
- The vacancy rate remained relatively flat year-over-year while rents rose modestly, suggesting that the San Francisco office market is now growing at a more sustainable rate.
- Direct asking rents throughout San Francisco increased 5.2% during the past year to $53.87 psf with CBD rents rising 5.6% to $56.32 psf.
- The overall vacancy rate Citywide declined 20 basis points year-over-year to 9.9% while the CBD vacancy rate edged up 50 bps to 9.3%.
GlobeSt.com will update this story when the full report is released.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
