SAN FRANCISCO—Tightening Bay Area markets including downtown San Francisco, Oakland, and the Silicon Valley figure heavily in a recent office occupancy survey from commercial real estate services firm Cushman & Wakefield.
The nation's CBD and suburban office markets at the end of the third quarter remained on pace to achieve their lowest vacancy rates and highest occupancy gains in more than years. The company's latest research findings, released Thursday, show CBD growth slightly outpacing that of the suburbs, as measured by absorption and leasing as a percentage of inventory.
New York's Midtown South and San Francisco posted the lowest CBD vacancy rates, at 8.5% and 8.6%, respectively.
Non-CBD office vacancy ended the quarter at 16.6%, the lowest national rate since the fourth quarter of 2008. Suburban San Francisco (7.5%) and the Silicon Valley (10.3%) represented the markets with the lowest vacancies. The Oakland market recorded the largest year-over-year uptick in rent, growing 19.1% to $30.77 per square foot.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
