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SAN FRANCISCO—“With memories of the Great Recession of 2008receding faster with each passing quarter, a wave of technologycompanies continued to surge into San Francisco at unprecedentedlevels during the fourth quarter, devouring existing office spaceby signing long-term leases and buying once-languishing investmentproperties, translating into a healthy fourth quarter andforeshadowing what should be a robust 2015.” That is according to arecent Q4 report from Colliers International on the local officemarket.
With positive net absorption of more than 257,000 square feetrecorded in the fourth quarter, the firm says that San Franciscoeclipsed the annual absorption level recorded for the past 12 yearswith 2.8 million square feet of net growth for the year, farexceeding the City's annual average of about 1.1 million square.“The final three months of the year also was the 18thconsecutive quarter of positive net absorption, an enviable recordby any measure, but especially when compared to many other majormetropolitan areas that have continued to witness stubbornly highvacancy rates and inconsistent rates of absorption,” Colliersreports.
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