San Francisco is on track to report its highest annual office leasing activity since 2019, as the year-to-date total has already surpassed the full-year totals of every year since then.
What is driving demand?
Large Block Leasing Activity (>100k)
New leasing activity, including both direct leases and subleases, is accounting for a growing share of large block leasing.
Growth in Artificial Intelligence has been a major driver of net new large block space demand over the past two years, emerging as the primary source of net new large block occupancy.
Large Block Leasing Activity (>100k)
Artificial Intelligence vs. Other Industries
Still a small tenants' market?
Demand has increased for single and partial floor leases—defined as spaces smaller than 20,000 square feet—with this market segment accounting for 54% of the space leased since 2023.
Leasing By Size
<20k to >100k Leasing Segments
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