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San Francisco leasing activity hits post-pandemic high as availability stabilizes
San Francisco leasing activity exceeded 2.2 million square feet (msf) in the fourth quarter, the highest amount of quarterly leasing activity since Q3 2019. This brought full-year 2024 total leasing activity up to a post-pandemic high of 6.6 msf, up from 6.1 msf reported in 2023. However, this still remains well below the 9.4 msf of leasing activity reported in 2019 which was the last full year before the pandemic. Although leasing activity increased, availability remained flat from last quarter at 36.6% as renewal deals dominated and large available blocks such as X Corporation's former headquarters at Market Square remain on the market.