San Francisco Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Newmark, Kidder Mathews, CBRE, Colliers, Cushman & Wakefield, JLL, Savills, Avison Young
Quarterly office market indicators for San Francisco, aggregated by CREhunt from Newmark, Kidder Mathews, CBRE, Colliers, Cushman & Wakefield, JLL, Savills, Avison Young. As of Q2 2026, vacancy was 26.4%, per Newmark.
Projected current office pricing — San Francisco
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q2 2026 multiple brokerages data (cap rate 6.0%, asking rent trend-adjusted to today). Assumes ~73% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Newmark | — | 26.4% | 870K SF | — | Newmark |
| Q2 2026 Kidder Mathews | — | 27.2% | 830K SF | 382K SF | Kidder Mathews |
| Q2 2026 CBRE | $72.96/SF/yr | — | 964K SF | — | CBRE |
| Q1 2026 CBRE | $71.19/SF/yr | 30.4% | 2.3M SF | — | CBRE |
| Q1 2026 Colliers | — | 30.2% | 1.2M SF | — | Colliers |
| Q1 2026 Cushman & Wakefield | $69.16/SF/yr | 31.6% | — | — | Cushman & Wakefield |
| Q1 2026 JLL | $72.26/SF/yr | 32.6% | 1.6M SF | — | JLL |
| Q1 2026 Savills | — | — | 3.8M SF | — | Savills |
| Q4 2025 Avison Young | $71.35/SF/yr | 33.4% | — | — | Avison Young |
| Q4 2025 Newmark | $67.55/SF/yr | 29.4% | 824K SF | — | Newmark |
| Q4 2025 Cushman & Wakefield | $67.47/SF/yr | 33.1% | 773K SF | 800K SF | Cushman & Wakefield |
| Q4 2025 Colliers | $111.86/SF/yr | — | 208K SF | 750K SF | Colliers |
| Q3 2025 Colliers | $74.50/SF/yr | 23.3% | 300K SF | 900K SF | Colliers |
| Q3 2025 Newmark | $68.29/SF/yr | — | — | — | Newmark |
| Q3 2025 CBRE | $73.90/SF/yr | 23.5% | 250K SF | 1.0M SF | CBRE |
| Q3 2025 Cushman & Wakefield | $67.34/SF/yr | 33.6% | 343K SF | 950K SF | Cushman & Wakefield |
| Q2 2025 CBRE | $72.80/SF/yr | 24.3% | 80K SF | 1.1M SF | CBRE |
| Q2 2025 Cushman & Wakefield | $73.50/SF/yr | 23.8% | 120K SF | 1.1M SF | Cushman & Wakefield |
| Q2 2025 Colliers | $73.10/SF/yr | 24.0% | 100K SF | 1.1M SF | Colliers |
| Q2 2025 Newmark | $67.98/SF/yr | 30.5% | 234K SF | — | Newmark |
| Q1 2025 Newmark | $68.06/SF/yr | 30.4% | — | — | Newmark |
| Q1 2025 CBRE | $71.50/SF/yr | 25.1% | -520K SF | 1.3M SF | CBRE |
| Q1 2025 Cushman & Wakefield | $72.10/SF/yr | 24.5% | -450K SF | 1.2M SF | Cushman & Wakefield |
| Q4 2024 Colliers | $69.74/SF/yr | 30.2% | 327K SF | — | Colliers |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each San Francisco office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Jackson Square | $73.38/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Mid-Market | $48.15/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Mission Bay | $125.50/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North Financial District | $71.32/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North Waterfront | $66.45/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Showplace Square/Potrero Hill | $62.35/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| SoMa | $68.59/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| South Financial District | $75.33/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Union Square | $55.16/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Van Ness Corridor | $39.97/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for San Francisco office did not fully agree. On vacancy, the sources span 0.8 points — from 26.4% (Newmark) to 27.2% (Kidder Mathews). CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| CBRE | — | $72.96/SF/yr | — |
| Kidder Mathews | 27.2% | — | — |
| Newmark | 26.4% | — | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in San Francisco?
- CREhunt aggregates office asking-rent data for San Francisco from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the office vacancy rate in San Francisco?
- The office vacancy rate in San Francisco was 26.4% as of Q2 2026 (Newmark).
- Where does CREhunt's San Francisco market data come from?
- This report aggregates quarterly office market data for San Francisco from Newmark, Kidder Mathews, CBRE, Colliers, Cushman & Wakefield, JLL, Savills, Avison Young.
- How much do brokerage estimates differ for office space in San Francisco?
- For Q2 2026, the brokerage sources CREhunt aggregates for San Francisco did not fully agree. On vacancy, the sources span 0.8 points — from 26.4% (Newmark) to 27.2% (Kidder Mathews). CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.