Commercial Real Estate Market in San Francisco, CA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
2,109 active listings and 28,016 off-market properties in San Francisco, CA. Commercial property asks $326/SF to buy and $35.32/SF/Yr to lease. Office vacancy runs 33.1%, the loosest of the segments tracked here.
Market Trends
San Francisco, CA spans 49.4 square miles in San Francisco County, California. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in San Francisco, CA asks $41.25/SF/Yr to lease. Vacancy runs 33.1% in 2025, up from 5.4% in 2019. Down from a 2024 peak of 34.2%.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Retail
Retail space in San Francisco, CA asks $45.36/SF/Yr to lease. Vacancy runs 5.8% in 2025, up from 4.8% in 2019.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Industrial
Industrial vacancy in San Francisco, CA runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily vacancy in San Francisco, CA runs 8.6% across the West region in 2025, up from 7% in 2022.
Vacancy Rate % in West region
Market overview
Demographics & Economy
San Francisco, CA has 873,935 residents in 411,545 households. Density runs 17,705 people per square mile. Median household income here is $142,790 and median gross rent $2,461 a month.
873,935
Population
411,545
Households
2.1
Avg Household Size
39
Median Age
60%
College-Educated
89%
High-School Grad
49.4 sq mi
ZIP Area
17,705
Density / Sq Mi
$142,790
Median Household Income
$84,406
Median Earnings
$2,461
Median Rent
$1,437,355
Median Home Value
Tools
Lease vs Buy Breakeven
At $35.32/SF/Yr lease vs $326/SF buy → buying wins if held > 1.2 years.
At a 10.8% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Alameda | $387 (county avg) | — |
| Emeryville | $387 (county avg) | — |
Commercial property in San Francisco, CA asks $326/SF. The 2 bordering markets run from $387/SF in Alameda to $387/SF in Alameda, and the city sits below their $387/SF median.
Frequently Asked Questions
What is the average price per square foot for commercial property in San Francisco?
Commercial property in San Francisco, CA asks an average of $326 per square foot. The 7 most recent recorded sales traded at a median of $178/SF, so asking sits 83% above the achieved median.
How much does it cost to lease commercial space in San Francisco?
Asking lease rates in San Francisco, CA average $35.32 per square foot per year. Office asks $41.25/SF/Yr as of Q2 26, up from $33.47/SF/Yr in Q1 26.
What is the office vacancy rate in San Francisco?
Office vacancy in San Francisco, CA is 33.1% as of 2025, up from 5.4% in 2019. Retail vacancy is 5.8%, below Office vacancy.
Which property type has the lowest vacancy in San Francisco?
Retail has the lowest vacancy in San Francisco, CA at 5.8%, inside a 4.8–6.6% band since 2019. For comparison: office 33.1%, industrial 7.9% (West) and multifamily 8.6% (West).
Is it cheaper to lease or buy commercial space in San Francisco?
Buying beats leasing in San Francisco, CA if the property is held longer than 1.2 years, comparing $35.32/SF/Yr asking rent with $326/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
How does San Francisco compare to nearby markets on price?
San Francisco, CA asks $326/SF against $387/SF in Alameda and $387/SF in Emeryville.
Where does Realmo's San Francisco market data come from?
Realmo compiles San Francisco, CA figures from 7 recent recorded sales, 707 active sale listings, 1,402 active lease listings, 28,016 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 707 active for-sale and 1,402 active for-lease listings in San Francisco, CA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- industrial vacancy is reported at West region level and multifamily vacancy is reported at West region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
