These numbers are actually good compared to the data out of Cushman and Wakefield presented yesterday indicating that first quarter Manhattan office rents fell the most in 25 years.
But back to San Fran: for all those who claims the bottom is here keep this in mind:
- Half the largest companies in the San Fran bay area plan to cut staff in the next six months
- 279,000 people in the region are looking for work, double from last year
- Vacancies will increase in Q2 as Schwab and Macy's shed 375k and 153k in space, which will add to the 814,681 sq. feet of Class A vacant sublease space.