San Francisco sublease availability to lease expirations ratio by submarket shows surprising story
San Francisco sublease availability to lease expirations ratio by submarket shows surprising story
- San Francisco submarkets will see approximately 34 msf of lease expirations over the next five years with some of that square footage already sublease availability as tenants try to consolidate surplus square footage. However not all tenants have put their space on the market and in some cases have already renewed or yet to make decisions on their footprint.
- South Financial District appears to carry the largest amount of sublease space, yet that figure makes up less than a quarter (18%) of the total lease expirations suggesting tenants have already renewed or still contemplating their next move.
- Tech companies account for 45.8% of upcoming lease expirations among major industries, with financial services second largest sector at 18.8%. Over half of the market’s currently occupied space is set to expire before 2030, representing a pivotal next five years for San Francisco to restructure.
June 20, 2024
