San Francisco Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from CBRE, Avisonyoung, Colliers, Lee Associates, Cushman & Wakefield, Newmark, Avisonyoung Us
Quarterly office market indicators for San Francisco, aggregated by PropZone from CBRE, Avisonyoung, Colliers, Lee Associates, Cushman & Wakefield, Newmark, Avisonyoung Us. As of Q1 2026, average asking rent was $71.19/SF with a 30.4% vacancy rate.
Projected current office pricing — San Francisco
high confidenceProjected 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). Assumes ~70% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $71.19/SF | 30.4% | 2.3M SF | — | CBRE |
| Q1 2026 | $65.58/SF | 15.1% | 330K SF | — | Avisonyoung |
| Q1 2026 | — | 30.2% | 1.2M SF | — | Colliers |
| Q1 2026 | — | 10.2% | 202K SF | — | Lee Associates |
| Q1 2026 | $5.78/SF | 22.4% | 0K SF | — | Cushman & Wakefield |
| Q4 2025 | $67.55/SF | — | — | — | Newmark |
| Q4 2025 | $67.47/SF | 6.7% | — | 800K SF | Cushman & Wakefield |
| Q4 2025 | $111.86/SF | — | 208K SF | 750K SF | Colliers |
| Q4 2025 | $5.50/SF | — | — | — | Avisonyoung Us |
| Q4 2025 | — | 8.6% | 245K SF | 850K SF | CBRE |
| Q3 2025 | $73.90/SF | 23.5% | 250K SF | 1.0M SF | CBRE |
| Q3 2025 | $74.50/SF | 23.3% | 300K SF | 900K SF | Colliers |
| Q3 2025 | $74.20/SF | 23.1% | 280K SF | 950K SF | Cushman & Wakefield |
| Q3 2025 | $68.29/SF | — | — | — | Newmark |
| Q2 2025 | $67.98/SF | — | — | — | Newmark |
| Q2 2025 | $72.80/SF | 24.3% | 80K SF | 1.1M SF | CBRE |
| Q2 2025 | $73.10/SF | 24.0% | 100K SF | 1.1M SF | Colliers |
| Q2 2025 | $73.50/SF | 23.8% | 120K SF | 1.1M SF | Cushman & Wakefield |
| Q1 2025 | $72.10/SF | 24.5% | -450K SF | 1.2M SF | Cushman & Wakefield |
| Q1 2025 | $71.50/SF | 25.1% | -520K SF | 1.3M SF | CBRE |
| Q1 2025 | $68.06/SF | — | — | — | Newmark |
| Q4 2024 | $68.17/SF | — | — | — | Newmark |
| Q3 2024 | $69.05/SF | — | — | — | Newmark |
| Q2 2024 | $0.39/SF | — | — | — | Newmark |
Frequently asked questions
- What is the average asking rent for office space in San Francisco?
- As of Q1 2026, the average asking rent for office space in San Francisco was $71.19/SF, per CBRE.
- What is the office vacancy rate in San Francisco?
- The office vacancy rate in San Francisco was 30.4% as of Q1 2026 (CBRE).
- Where does PropZone's San Francisco market data come from?
- This report aggregates quarterly office market data for San Francisco from CBRE, Avisonyoung, Colliers, Lee Associates, Cushman & Wakefield, Newmark, Avisonyoung Us.
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