San Francisco has approximately 85 million square feet of commercial space, historically driven by tech sector demand. The downtown market has faced significant headwinds since 2020 with elevated vacancy in Class A office, creating a tenant's market with substantial concession packages. The SoMa, Financial District, and Mission Bay submarkets are most active. California's strong tenant protections apply to all SF leases.
By Angel Campa, Founder · Updated March 2026
Commercial Space
85M sq ft
Avg Office Rent
$55–$90/sq ft
Vacancy Rate
35%
Avg Lease Term
5–10 years
SF office leases are predominantly FSG with base year expense stops. Tech company leases often include generous TI packages ($120–$200/sq ft) and multi-year free-rent periods that require careful abstraction. Sublease rights provisions are especially important given the volume of tech tenants attempting to sublease excess space. California audit rights are stronger than the national norm.
California Landlord–Tenant Guide
State-specific commercial lease laws, notice periods, and tenant rights for California →
Tech leases in SF often include above-market TI allowances, extended free-rent periods, generator rights, HVAC 24/7 provisions, and generous sublease rights. These non-standard terms are critical to extract for portfolio management and asset disposition.
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