San Francisco Office Occupancy and Rents Fall to Levels Last Seen in 2012

The amount of occupied office space in San Francisco has returned to the level last seen at the beginning of 2012. Coming out of the Great Recession, the market had 149 million square feet of occupied office space. That number grew to around 171.5 million square feet by the end of 2019, an increase of more than 22 million square feet. Since then, a collapse in demand from office tenants has seen the amount of occupied space shrink back to stand at 149 million square feet.