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The first half of 2024, over 3.6 msf of office space was leased with more than half occurring in the Financial and South Financial Districts (56%). While San Francisco’s average office deal size decreased, office demand increased slightly (8%) into 2024 indicating a potential increase of leasing activity in H2 2024.

Midtown South’s strong leasing closed out the mid-year point with 5.3 msf of leasing despite reaching a record level of available space at 40.0 msf.

Short-term renewals increased slightly as companies formalized their in-person work strategies and reevaluated their office footprint. In Q2 2024, 7.5% of the deals transacted were renewal/expansions, which was rare in 2023.

In the first half of 2024, leasing activity in LA surged to over 3.2 million square feet (msf), marking a 28.0% increase from H1 2023, with a slight 5.8% decline compared to H2 2023.

Year over year, leasing activity remained steady, matching levels from the first half of 2023. Across the Denver metro area, asking rents for both Class A and B/C office spaces have steadily increased over time. Asking rents that peaked in late 2023 or early 2024 have slightly decreased over the past few quarters.

Of the square footage leased in April, 42% was located in the CBD and 43% in West SoMa District. The South Beach District followed with 4% of leasing.