Office space rental rates in San Francisco Q1 2023, by submarket
After the Presidio, the South of Market was the most expensive office real estate market in San Francisco in the first quarter of 2023. Commercial tenants paid, on average, 91.92 U.S. dollars per square foot of class A office space in that submarket.
California is the world’s sixth largest economy
San Francisco is located in the state of California, which is one of the world’s largest economies in terms of GDP. California has its booming tech sector and Hollywood to thank for its thriving economy, as well as tourism and international trade. San Francisco has one of the most expensive office real estate markets in the world and is the second most expensive market in the United States by annual rent per square foot of premium office space.
San Francisco’s impressive economic growth
The metro’s own GDP growth is also quite impressive and shows no sign of slowing any time soon. The U.S. cities with the most startups per capita are mostly located in the San Francisco Bay Area. The presence of technology giants, such as Facebook, Google and Twitter in the area will most likely keep the office rents in the region high for many years to come.
California is the world’s sixth largest economy
San Francisco is located in the state of California, which is one of the world’s largest economies in terms of GDP. California has its booming tech sector and Hollywood to thank for its thriving economy, as well as tourism and international trade. San Francisco has one of the most expensive office real estate markets in the world and is the second most expensive market in the United States by annual rent per square foot of premium office space.
San Francisco’s impressive economic growth
The metro’s own GDP growth is also quite impressive and shows no sign of slowing any time soon. The U.S. cities with the most startups per capita are mostly located in the San Francisco Bay Area. The presence of technology giants, such as Facebook, Google and Twitter in the area will most likely keep the office rents in the region high for many years to come.
