San Francisco Office Market Surges, Driving Demand for Large Blocks and Luxury Spaces

San Francisco’s office market has seen a 49% increase in leasing activity over the same period last year, with 12.1M SF leased through Q3 2026. Tenants are increasingly seeking large blocks and luxury spaces, while the divide between trophy buildings and the rest of the market widens.

Why it matters. The surge in demand for large blocks and luxury office spaces in San Francisco is affecting property values and the overall office market, impacting both tenants and landlords.