SAN FRANCISCO, Calif. (KRON) – Prices of office rents in San Francisco are at an all-time low.
This isn’t surprising, considering so many companies are still remote due to the ongoing coronavirus pandemic.
“Rents are relatively sticky despite growing downward pressure. Direct average asking office rents decreased 1.5% in Q1 2021, bringing the market average to $75.32.” according to a report by CBRE.
Compare that to Manhattan, where the asking rent is now $75.99 per square foot.
San Francisco’s office rents passed Manhattan’s back in 2016 when tech companies like Twitter and Uber made their mark in the tech-centric city.
In a research study by CBRE Top 100 Leases in 2020, “leasing by tech companies was down by more than half year-over-year, demonstrating a slowdown by even one of the most resilient industries.”