San Francisco North Bay Industrial Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from Cushman & Wakefield, , Colliers, CBRE,
Quarterly industrial market indicators for San Francisco North Bay, aggregated by CREhunt from Cushman & Wakefield, , Colliers, CBRE, . As of Q1 2026, average asking rent was — with a 6.6% vacancy rate.
Projected current industrial pricing — San Francisco North Bay
Projected asking rent
$21.49/SF/yr
Estimated sale value
$293–$358/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 Q3 2023 multiple brokerages data (cap rate 4.9%, asking rent held flat). Assumes ~93% occupancy and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | 6.6% | 0K SF | — | Cushman & Wakefield |
| Q1 2026 | — | 4.2% | 2.9M SF | — | |
| Q1 2026 | — | 2.6% | 4.9M SF | — | Colliers |
| Q3 2023 | $21.49/SF | 5.1% | 631K SF | — | Cushman & Wakefield |
| Q3 2023 | — | 0.4% | 0K SF | — | CBRE |
| Q3 2023 | — | 7.2% | 952K SF | — | Colliers |
| Q3 2023 | — | 7.3% | 375K SF | — | |
| Q3 2021 | — | 0.4% | 0K SF | — | CBRE |
| Q3 2021 | $14.88/SF | 16.6% | — | — | Cushman & Wakefield |
| Q3 2021 | — | 8.0% | 245.6M SF | — | |
| Q3 2021 | — | 4.1% | 87K SF | — | Colliers |
| Q2 2018 | $20.04/SF | 9.0% | 237.2M SF | — | |
| Q2 2018 | $14.93/SF | 2.0% | 302K SF | — |
Frequently asked questions
- What is the average asking rent for industrial space in San Francisco North Bay?
- CREhunt aggregates industrial asking-rent data for San Francisco North Bay from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the industrial vacancy rate in San Francisco North Bay?
- The industrial vacancy rate in San Francisco North Bay was 6.6% as of Q1 2026 (Cushman & Wakefield).
- Where does CREhunt's San Francisco North Bay market data come from?
- This report aggregates quarterly industrial market data for San Francisco North Bay from Cushman & Wakefield, Colliers, CBRE.
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