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San Francisco, New York City Lead Office Comeback: Transwestern
With dramatic increases in leasing activity in both cities, San Francisco and New York are leading the nation’s office comeback, Transwestern says in a new report. Titled The Giants Awaken, the report cites the strides the two markets have made in absorption, vacancy and availability rates, and rent growth.
“New York has logged five straight quarters of strong market fundamentals, enjoying robust absorption, lowered availability, and a sharp decrease in sublet space, which recently dropped below the pre-pandemic level,” write Transwestern’s Corrie Slewett and Tyler Hill. “The return-to-office is in full effect, with increased foot traffic driving additional retail and restaurant sales.”
In San Francisco, meanwhile, “Offices are filling up, people are coming back, and the city feels more alive than it has in years, a clear sign that San Francisco’s long-awaited comeback is finally taking shape.” The report credits new leadership at City Hall with “helping breathe life into downtown.”
- ◦Lease
- ◦Economy
