{
  "url": "https://classa.info/cities/san-francisco",
  "title": "San Francisco Class A Office Market",
  "description": "The deepest tenant-favorable cycle in a generation.",
  "oneSentenceAnswer": "San Francisco Class A office rents around $78/sqft/yr, with 31.5% vacancy and 22 months of typical rent-free on a 7-year term.",
  "tldr": [
    "Class A vacancy above 30% — historic high.",
    "Trophy rents have re-set 25-40% off 2019 peaks.",
    "Concessions at historic highs: 18-30 months of free rent and $150-$220/sqft TI on a 10-year deal.",
    "AI-led tenants drive nearly all positive net absorption.",
    "Sublease overhang concentrated in older Class B and SOMA tech-era stock."
  ],
  "keyFacts": {
    "city": "San Francisco",
    "country": "United States",
    "region": "Americas",
    "classARentLocal": "$78/sqft/yr",
    "classARentUsd": "$78/sqft/yr",
    "vacancyPct": "31.5%",
    "typicalLeaseYears": 7,
    "typicalRentFreeMonths": 22,
    "submarkets": 6,
    "corporateTaxPct": "27%",
    "talentIndex": 98
  },
  "faqs": [
    {
      "question": "Is San Francisco a tenant's market right now?",
      "answer": "Yes. Q1 2026 is the most tenant-favorable environment in the city since the early 2000s — both on rent and on concessions. Even trophy assets are negotiating."
    },
    {
      "question": "Are AI tenants actually absorbing space?",
      "answer": "Yes — nearly all positive net absorption in 2024-2026 is AI-driven. OpenAI, Anthropic, and a long tail of foundation-model and AI-application companies are the marginal demand."
    }
  ],
  "pageType": "city",
  "lastUpdated": "2026-04-15T00:00:00.000Z",
  "license": "CC BY 4.0 with attribution to Class A Atlas (https://classa.info).",
  "citation": "Source: Class A Atlas (https://classa.info/cities/san-francisco), updated 2026-04-15T00:00:00.000Z."
}