CPA advisory firm Baker Tilly has signed an eight-year lease to occupy the 40th floor at 50 Fremont Street in San Francisco. The location has striking vistas of the San Francisco Bay—one of the reasons the firm inked the deal—and has a walkable location near public transit.
50 Fremont Street is located in San Francisco's South Financial District. It stands 41 stories tall on the corner of Fremont and Mission Streets. Barry Bram, a broker at Brookwood Starboard, represented the tenant along with Steve Lane, a broker in the Orange County office at VOIT Real Estate.
San Francisco's office market has been significantly impacted by the pandemic. The market is second only to New York City for its sublease supply, according to research from Cushman & Wakefield. The sublease supply in San Francisco increased a staggering 587% in 2020 compared to 2019. The sublease supply now accounts for more than half of the total office vacancy in the city, and is larger than any other time in San Francisco's history. Unsurprisingly, the huge shadow market has put a drag on the direct leasing market and direct asking rents, which were down 10% through the end of last year.
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The good news is that San Francisco entered the pandemic on solid footing. At the beginning of 2020, there was limited available office space of any size and the vacancy rate was just 5.4%. The strong demand early on boasts well for the recovery, as do traditional office leases like the one signed by Baker Tilly. It is likely that properties like this trophy asset—which offer stunning views and top of the line amenities—will recover first.
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Kelsi Maree Borland
