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CBRE
Demand
  | 
Bay Area Office / R&D Leasing Trends
Leasing activity hits two-year high
led by tech & life sciences
CBRE RESEARCH
 | 
Q2 2024
  • Overall leasing volume was 6.6 million sq. ft. in Q2 2024, roughly a 49% increase when compared to Q1 2024.
     
  • There were 199 total spaces leased in the San Francisco Bay Area as smaller leases (10,000 – 24,999 sq. ft.) represented 61% of the total number.
     
  • The average base rent ended Q2 2024 at $4.41 per sq. ft. on a monthly, full service gross basis (FSG), down by $0.11 from Q1 2024.
6.6M
Total Volume
(Sq. Ft.)
199
Total Leases
$4.41
Avg. Base Rent FSG
33,500
Avg. Deal Size
(Sq. Ft.)
Arrows indicate change from previous quarter.
Tracked leases in office and R&D spaces, 10,000 sq. ft. and greater.
Bay Area includes San Francisco, Peninsula, Silicon Valley, Oakland, and I-680 Corridor markets.
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