Q1 2023 San Francisco Sublease State of the Market
Record setting total of 2.78M SF of negative net absorption this quarter pushed overall availability to 34.0% of office space in the City.
1.7M SF of new sublease space came on the market. The top 5 new sublease offerings were Meta at 181 Fremont, Salesforce at 415 Mission (Salesforce Tower) and 500 Howard (former Slack HQ), Pinterest at 505 Brannan, and Asana at 680 Folsom.
Demand picked up for spaces under 15,000 SF but no large subleases were signed this quarter.
There were more signed sublease transactions quarter-over-quarter, but fewer than half as many as in 2019.