San Francisco On Pace For Best Year For Office Leasing Since 2019
BisNow
San Francisco office vacancy jumped to its highest rate ever in the third quarter in spite of strong leasing activity. Preliminary Q3 figures from CBRE put the city's vacancy rate at 37.3%, an increase of half a percent from Q2 and a 3.3% increase over Q3 2023. “One large block of space was unexpectedly vacated in Q3,” resulting in the uptick, a CBRE spokesperson told Bisnow.
Fashion Companies Seeking Office Space Are Flocking To DTLA
BisNow
Downtown Los Angeles is weathering one of its slowest office leasing environments in history, but a spate of new tenants in the fashion industry is on the hunt for space. The latest and largest is Finesse, a startup that uses artificial intelligence and online surveys to determine what clothes its fans want to buy. Finesse subleased 23K SF of office space in The Bloc LA, a mixed-use property renovated in 2016.
MASSACHUSETTS
Savills: Boston Office Leasing Activity Hit 2-Year High In Q3
BisNow
Boston's office market saw leasing activity reach 3.4M SF in the third quarter, a two-year high, according to Savills data. That is up from 2.6M SF at this time last year. Leasing was at the highest level since Q1 2022, which saw 3.5M SF of activity. The city also enjoyed a steady slowdown in negative office-using employment data, while asking rents reached a new peak, most notably for Class-A buildings.
NEW YORK
Available Manhattan Office Space Hits 3-Year Low, Driven By Big Finance Leases
BisNow
NYC's office market had its most active quarter since 2021, with activity up nearly 50% year-over-year, according to Savills. Tenants signed 9.3M SF of leases in Q3, with financial services firms responsible for 40% of all leasing activity. The number of large leases is increasing, data from Avison Young shows. There have been 25 transactions spanning more than 100K SF this year, up from 18 at this point last year.
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