Seeing signs of life in the San Francisco Office Market:
- In the last few weeks, there has been a surge of office demand. Active requirements up 25%. Occupiers looking greater than 100,000 square feet is up to 7 or 8 live requirements. This is up from 2 a couple months ago.
- We are now seeing AI companies who have fresh funding out in the market. These companies are not going remote. OpenAI - 100k, Grammarly - 70k, Hive - 60k, Humane - 50k, FigureEight - 25k
- There are only a few office buildings on the market which are receiving bids at 70-80% of pre-covid values, but they are receiving double digit offers from institutions and high net worth individuals. Offers in the $200 to $500 psf range. Shows there is still demand and significant upside.
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