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

Spear Street Terrace

201 spear street, san francisco, CA

Price

Price on request

Square Feet

231,551

Location

201 spear street, san francisco, CA

Leaflet © OpenStreetMap contributors

Property Details

Building Size231,551 SF

Year Built1985

Lease Details

Available Space89,613 SF

Market Context

This office in San Francisco, CA is listed for lease across 231,551 SF. The building dates to 1985. It has been on the market for 64 days.

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 space leases quickly.

Compare it against other office listings for lease 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

$3.49/SF/mo-$4.73/SF/mo

Mid: $4.11/SF/mo

Total estimate for 231,551 SF

$951,675

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

Lease Rate & Market Trend

Market report quarterly trend fallbackFIPS 06075

Low Confidence

Avg Rent ($/SF/mo) (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.

Insufficient financial data for full analysis. Add more financial fields to improve metric coverage.