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CBRE
Demand
  | 
Bay Area Industrial Leasing Trends
Leasing activity reaches highest
level in four quarters
CBRE RESEARCH
 | 
Q1 2025
  • The overall Bay Area leasing volume was 3.9 million sq. ft. in Q1 2025, compared to 2.8 million sq. ft. in Q4 2024.
     
  • There were 49 lease transactions greater or equal to 25,000 sq. ft., as the smaller size segment (25,000 – 99,999 sq. ft.) garnered 69% of the total activity. During Q1 2025, there were two leased done at or above 200,000 sq. ft. in Q4 2024.
     
  • The average base rent ended Q1 2025 at $1.24 per sq. ft. on a monthly, NNN basis (NNN), down from $1.30 NNN in the previous quarter due to a higher concentration of warehouse / distribution leases signed in Q1 2025.
3.9M
Total Volume
(Sq. Ft.)
49
Total Leases
$1.24
Avg. Base Rent NNN
79,961
Avg. Deal Size
(Sq. Ft.)
Arrows indicate change from previous quarter.
Tracked leases in warehouse / distribution and light industrial spaces, 25,000 sq. ft. and greater.
Bay Area includes Peninsula, Silicon Valley, Oakland, I-680 Corridor, and Napa / Solano markets.
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