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Research & Forecast Report SAN FRANCISCO | OFFICE MARKET Q2 | 2019 > VACANCY Overall vacancy rate grew during the second quarter by a Strong Office percentage point to 7.0 percent. This increase in vacancy is primarily attributed to new construction being delivered to the market as well as some tenants moving out of spaces that have already been leased. There are a number of Investment Sale Activity large occupancies expected during the second half of 2019 such as Facebook, Google, Dropbox, Twilio and Slack to name a few that will drive the vacancy rate Sony PlayStation down in San Francisco. secured 130,000 square feet at 303 > LEASING VOLUME The City experienced another strong quarter of 2nd Street leasing activity, which reflected approximately 2.3 million square feet of closed transactions. Demand remains very strong in the market with technology REDCO Development purchased 1 Montgomery companies leading the demand for space which translates in for 42 percent Street for $82 million, of the requirements. The second largest demand comes from coworking ($1,081 psf) companies which account for 12.4 percent of the requirements. Demand for space in the market shows no signs of declining. Four deals closed over 100,000 square feet this quarter and two of these deals were companies locking in expansion space. First Republic Bank leased 265,000 square feet at One Front Street, Sony PlayStation secured 130,000 square feet at 303 2nd Street COLUMBUS Segment.io renewed for over 88,000 and Autodesk leased nearly 118,000 square feet at 50 Beale Street. Year-to-date square feet at 100 ten leases over 100,000 square feet have been signed in San Francisco. California Street > ABSORPTION San Francisco experienced another quarter of negative EMBARCADERO net absorption and posted approximately 245,000 square feet of negative net absorption. The key contributor to the increase in negative net absorption is the lack of some large move-ins since the close of last year. Tenant demand in GREEN the City continues to be extremely robust with over 8.6 million square feet of BROADWAY requirements at the end of the second quarter. Strong leasing activity continued during the second quarter. There are 149 tenant requirements and 20 of GRANT TAYLOR WASHINGTON those requirements are over 100,000 square feet. There are 28 out of town LEAVENWORTH HYDE V A N N E S S requirements with the potential growth of 592,000 square feet. Demand for CALIFORNIA space in the City increased 37 percent since the first quarter which translated SPEAR 80 into 8.6 million square feet of requirements. BUSH FREMONT > RENTS Overall weighted rents continued to increase this quarter, growing MARKET 1 S T 5.6 percent to $92.05 per square foot and overall non-weighted rents rose 3.3 percent to $80.37 per square foot. Much of the increase in overall weighted GEARY POWELL rents can be attributed to multiple large lease signed with effective rents over 3 R D $95 per square foot. The SOMA submarket experience the largest rent growth MISSION with the overall weighted rents increasing 12.7 percent since last quarter to 5 T H $89.32 per square foot. Meanwhile the overall weighted rents in the Financial FOLSOM District for the Class A and Class B product rose 6.1 percent and 4.9 percent to BRYANT $95.76 and $84.72 per square foot respectively. 7 T H BRANNAN 4 T H TOWNSEND HAYES 80 KING 1 0 T H Market Indicators Relative to prior period Q2 2019 2019 Forecast 3 R D VACANCY 7 T H TERRY A FRANCOIS NET ABSORPTION 4 T H 101 CONSTRUCTION OWENS WEIGHTED RENTAL RATE 1 6 T H 280 80 NON-WEIGHTED RENTAL RATE SALES VOLUME SALES PRICES 1 9 T H Rental Rates San Francisco – Office Rents - Q2 2019 Major Office Lease Transactions - Q2 2019 The largest weighted rent increase was % OVERALL 2Q '19 2Q '19 2Q '19 1Q '19 ADDRESS TENANT SIZE TYPE SIGNED DATE CLASS MARKET QUARTERLY experienced in the SOMA submarket and largest OVERALL DIRECT SUBLEASE OVERALL CHANGE non-weighted rent increase was in the overall One Front Street First Republic Bank 265,000 Lease/Expansion May-19 A All Markets $92.05 $93.18 $72.28 $87.15 5.6% Class A product, growing 12.7 percent to $89.32 303 2nd Street Sony PlayStation 130,000 Lease May-19 A All Markets: Class A $95.75 $96.83 $70.94 $90.06 6.3% per square foot and 7.3 percent to $86.18 per square foot respectively. Overall weighted rents 50 Beale Street GlassDoor 120,000 Lease/Expansion May-19 A All Markets: Class B $83.36 $84.28 $75.31 $81.05 2.8% in the SOMA submarket can be attributed to a 50 Beale Street Autodesk 117,673 Lease Jun-19 A Financial District: Class A $95.76 $96.97 $70.94 $90.29 6.1% couple of larger deals with rents over $90 per 100 California Street Segment.io 88,409 Lease/Renewal May-19 A Financial District: Class B $84.72 $86.27 $71.20 $80.73 4.9% square foot such as the Sony PlayStation at 303 2nd Street and Deer Management at 539 Bryant 160 Spear Street Workday 74,430 Renewal/Expansion May-19 A SOMA: South of Market $89.32 $89.71 $76.26 $79.22 12.7% Street. Weighted rents in the North Financial 555 Mission Street DLA Piper 67,244 Lease/Renewal Apr-19 A Source: Colliers International Note: Weighted Average Rents District rose 8.6 percent this quarter. The key contributor for the increase in weighted rents in 100 Potrero Avenue Faire 62,031 Lease Jun-19 B the North Financial District is multiple leases over 50 Francisco Street WeWork 61,674 Renewal/Expansion May-19 B $95.00 per square foot such as Google’s lease at 1 1,700,000 20.0% 1 Montgomery Street OpenTable 57,194 Lease/Renewal Apr-19 A Ferry Building and the lease for Segment.io at 100 California Street. 55 Hawthorne Street KeepTruckin 51,162 Sublease May-19 B 15.0% 85 2nd Street Funding Circle 42,000 Lease May-19 B 1,200,000 Absorption & Vacancy 1 Ferry Building Google 41,354 Lease/Expansion Jun-19 A 10.0% San Francisco experienced another occupancy 71 Stevenson Street WalkMe 40,312 Extension/Expansion May-19 A 700,000 loss at the end of the close of the second quarter 300 Montgomery Street Lyric 40,000 Lease May-19 B for a total of over 245,000 square feet. The lack 5.0% of significant move-ins is the primary reason for the occupancy loss experienced this quarter. The 200,000 Major Office Sale Transactions - Q2 2019 largest occupancy loss was in the South Financial 0.0% District. Key contributors to this occupancy loss ADDRESS SELLER BUYER SQ.FT. SALES DATE CLASS SALE PRICE PRICE/SQ.FT. was Salesforce vacating nearly 205,000 square 123 Mission Street Northwood Investors Main Mission LLC 345,595 Jun-19 A $397,000,000 $1,149 -300,000 feet at 1 Market Street. Google will be moving into -5.0% over 253,000 square feet at 1 Market Street in the 655 Montgomery Street Black Creek Group Beacon Capital Partners 281,763 May-19 A $191,500,000 $680 upcoming second half of the year. Yelp vacated 255 California Street PGIM Rockpoint Group, LLC 195,192 Jun-19 A $162,500,000 $833 over 51,000 square feet at 55 Hawthorne and -800,000 -10.0% 1 Montgomery Street (Bank KeepTruckin subleased that space from Yelp and The 601W Companies REDCO Development 75,880 Jun-19 B $82,000,000 $1,081 4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q Bldg) '08'09'09'09'09'10 '10 '10 '10 '11 '11 '11 '11 '12 '12 '12 '12 '13 '13 '13 '13 '14 '14 '14 '14 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '17 '17 '18 '18 '18 '18 '19 '19 will be moving into that space later this year. At 525 Market Street Gymboree and WalkMe vacated 808 Brannan Street JMB Financial Advisors Sobrato Development 60,834 May-19 B $60,000,000 $986 Vacancy Net Absorption space and Amazon has secured the space on those The Swig Company/ 945 Bryant Street Bridgeton Holdings 41,745 May-19 B $42,000,000 $1,006 Source: Colliers International floors. Meanwhile, the SOMA East submarket STARS REI posted nearly 85,000 square feet of positive net 200 Rhode Island Takahashi Four Corners Properties 92,000 Apr-19 B $37,000,000 $402 absorption which translated into the vacancy rate $2.5B office shrinking 130 basis points to a record low of 3.4 735 Montgomery Street Chad Mitchell Associates Graymark Capital 35,461 May-19 B $24,500,000 $691 investment percent. Key contributors for this positive net 10 80 absorption were WeWork occupying nearly 48,000 activity YTD in square feet at 340 Bryant Street, Allstate moving 9 68 2019 into nearly 21,000 square feet at 600 Harrison 70 68 Street and Ethos Technologies occupying nearly Year-to-Date Leases 100,000+ SF 8 12,000 square feet at 460 Bryant Street. 57 60 60 Year-to-date ten 7 53 Investment Volume leases over 100,000 square feet have 50 The San Francisco investment market experienced 6 strong activity during the second quarter of 2019 been signed in San 45 40 with nine buildings transacting for an aggregate Francisco.
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