Your Commercial Real Estate Source in the San Francisco Bay Area
Market recovery continued to gain momentum from last year, with the San Mateo County office market finishing the first quarter with 353,017 square feet of net absorption. This marks the fourth consecutive quarter of positive occupancy growth; increased leasing activity from the Bay Area’s technology sector is strengthening market fundamentals. Rental rates in the Peninsula’s stronger submarkets began to tick up in the quarter, increasing the county’s overall average rate to $2.60/square foot, full service. The Bay Area’s growing technology companies are expected to drive demand for office product through 2011.