1Q26 San Francisco Office Market Report
San Francisco's office market achieved historic first-quarter 2026 results, with leasing activity of 4.2 million square feet (second-strongest quarter on record) and net absorption of 1.5 million square feet (highest ever recorded), while vacancy dropped 390 basis points year-over-year to 27.9%. Artificial intelligence and technology companies drove demand, representing just over half of current tenant demand at 9.7 million square feet, with major leases signed by Anthropic (484,000 square feet), OpenAI (282,000 square feet sublease), and other tech firms, while average direct asking rents rose modestly to $67.77 per square foot.
Published by Newmark. Global Real Estate Intelligence links to the original source and credits the publisher; all rights remain with them.
Provenance
- Publisher
- Newmark
- Obtained from
- Unknown: source not established
- Published
- Mar 31, 2026
- Last updated
- Jun 28, 2026 (1 month ago)
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