Five Fast Retail Facts: San Francisco Bay Area

Soany Gunawan • 5/1/2023

Unemployment Rate
Increased and employment flattened or even declined in some submarkets following the rise of layoffs at tech companies in the Bay Area. The unemployment rates ranged from 2.5% in San Francisco to 3.6% in the North Bay.
Shopping Center Inventory
Remained at 129.5 msf, leaving 7.8 msf of vacant retail space. New construction has been scarce and additional retail space only came from the expansion of existing centers or part of mixed-use developments.
Vacancy
Stood at 6.0%, remaining equal to last quarter, but down from 6.4% last year. The retail vacancy rates were 5.2% in Silicon Valley, 5.5% in San Francisco/North Bay Metro and 6.9% in the East Bay, respectively.
Asking Rents
Were down 1.3% YOY to an average of $32.50 psf on an annual basis. Rates ranged from $30.54 psf in the East Bay to $35.16 psf in Silicon Valley.
Investment Market
Totaled 842,400 sf from 30 retail properties, with investment sales of approximately $221.7 million.

Source: BLS, BOC, Moody’s Analytics, Real Capital Analytics, Costar, Cushman & Wakefield Research

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