What is the typical cap rate for office in San Francisco?

About 6.6% as of Q1 2026, per multiple brokerages.

Is the San Francisco office market tightening or softening?

Vacancy is around 30.3%, with asking rents rising year over year (Q1 2026).

Office

Office in San Francisco, CA

20 california street, san francisco, CA 94111

Price

Price on request

Description

400 Montgomery - Full Floor Spec Suites Available 400 Montgomery Street is a 12-story, 85,000 square foot historic office Building in the heart of downtown San Francisco. It has an exciting, storied past and was one of the first steel-frame buildings in San Francisco. Additionally, it is one of the few buildings that survived the 1906 Earthquake. The unique "H" footprint is an homage to the original developer, Alvinza Hayward, a prominent businessman in California who made his fortune in gold mining. The building exemplifies the best of old and new, with ornamental detailing and marble throughout, as well as current modern design. Over the past few years, $13 million of capital improvements has been spent on modernization of the building, including a lobby upgrade, elevator modernization, facade and roof improvements as well as high-end creative full floor spec suites.

Property description as provided by the listing source. PropZone adds independent market context, valuation estimates, and comparable listings.

Location

20 california street, san francisco, CA 94111

Leaflet © OpenStreetMap contributors

Market Context

As of Q1 2026, the San Francisco office market showed a 30.3% vacancy rate, average asking rents near $68.38/SF/yr, rents up 30.2% year over year, and cap rates around 6.6%. Source: multiple brokerages Q1 2026 market report.

Projected current pricing

high confidence

Projected asking rent

$68.38/SF/yr

Estimated sale value

$361–$469/SF

Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 6.6%, asking rent held flat).

View the full San Francisco Office market report →

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Compare it against other office listings for sale in San Francisco, CA to benchmark pricing and space — view the full market.

Office market FAQ

What is the typical cap rate for office in San Francisco?: About 6.6% as of Q1 2026, per multiple brokerages.
Is the San Francisco office market tightening or softening?: Vacancy is around 30.3%, with asking rents rising year over year (Q1 2026).

Unified Estimate

Medium Confidence

$41.96/SF-$56.78/SF

Mid: $49.37/SF

Rate estimator only; cost-of-business estimate unavailable.

Sale Price History

Market report quarterly trend fallback

Low Confidence

Avg Rent ($/SF/yr) (market data)
Vacancy %

Market asking rent (quarterly avg)Vacancy rate (right axis)

Investment Analysis

Beta Feature: Investment Analysis is currently in beta testing. Metrics are calculated based on available financial data and market comparables. Results are for informational purposes and should not be considered financial advice. Verify all assumptions and consult with a financial advisor before making investment decisions.