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Leasing volume tops one million square feet for the second quarter post-pandemic
The third quarter of 2021 marked the second consecutive quarter since the onset of the pandemic that San Francisco registered more than one million square feet (msf) of leasing volume. Despite growing concerns and local restrictions due to the COVID-19 Delta variant, signs of market resiliency and recovery are evident. Q3 ended with close to 2.0 msf leased, an increase of 74% over the previous quarter. The majority of leasing activity occurred within the North and South Financial Districts, with a combined 1.3 msf leased between those two submarkets alone. San Francisco's overall availability rate dropped slightly, to 26.2%, a 10 basis point drop from Q2 after climbing quickly - and steadily - since the pandemic began. Class A availability rate fell 10 bps as well, resulting in a 23.9% rate.