Posts by Kevin Brennan

COVID-19’s Effect on San Francisco’s Commercial Real Estate Market; The Damage Being Done, and What’s to Come in the Future

, on September 03, 2020

After a ten-year run, the booming commercial real estate office market has turned to bust overnight…

COVID-19 has proven to be a brutal shock to the world economy that will drive the commercial real estate office market to very uncomfortable new depths not seen in 20 years…maybe longer. At the macro level, San Francisco’s second quarter of 2020 ended with 16,693,547 SF of office and flex space on the market. The last time that we had over 16,000,000 SF of total available space in the City was the third quarter of 2010. Of particular concern is the increasing amount of sublease space, with the second quarter of 2020 ending at 6,478,766 SF of total sublease space for office and flex space, which is the largest total amount of sublease space we have seen on the market in recorded history (as of date of publishing the inventory is now 7,222,295 SF). The previous high was 5,590,279 SF in the first quarter of 2002.

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Kevin Brennan

Kevin Brennan is an executive vice president at Hughes Marino, an award-winning commercial real estate company specializing in tenant representation and building purchases with offices across the nation. Contact Kevin at 1-844-662-6635 or kevin@hughesmarino.com to learn more.

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