San Francisco North Bay Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Kidder Mathews, Colliers, Savills
Quarterly office market indicators for San Francisco North Bay, aggregated by CREhunt from Cushman & Wakefield, Kidder Mathews, Colliers, Savills. As of Q1 2026, average asking rent was $35.40/SF/yr and vacancy was 13.2%, per Cushman & Wakefield.
Projected current office pricing — San Francisco North Bay
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for San Francisco North Bay office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 Cushman & Wakefield asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent trend-adjusted to today). Assumes ~87% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | — | — | -600 SF | — | Cushman & Wakefield |
| Q1 2026 Cushman & Wakefield | $35.40/SF/yr | 13.2% | -106K SF | — | Cushman & Wakefield |
| Q1 2026 Kidder Mathews | $48.70/SF/yr | 28.0% | 855K SF | — | Kidder Mathews |
| Q1 2026 Colliers | $25.00/SF/yr | 11.8% | 200K SF | — | Colliers |
| Q3 2025 Savills | — | 33.6% | — | — | Savills |
| Q3 2021 Colliers | — | 25.5% | 20K SF | — | Colliers |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each San Francisco North Bay office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Central Marin County | $5.43/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Corte Madera | $4.89/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Greenbrae/Larkspur | $5.70/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Mill Valley | $5.29/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northern Marin County | $3.09/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Novato | $2.57/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Petaluma | $2.09/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Rohnert Park/Cotati | $1.78/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| San Rafael | $3.45/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Santa Rosa | $1.69/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Sausalito/Tiburon | $4.60/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Sonoma County Other | $2.30/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Southern Marin County | $4.86/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
Frequently asked questions
- What is the average asking rent for office space in San Francisco North Bay?
- As of Q1 2026, the average asking rent for office space in San Francisco North Bay was $35.40/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in San Francisco North Bay?
- The office vacancy rate in San Francisco North Bay was 13.2% as of Q1 2026 (Cushman & Wakefield).
- Where does CREhunt's San Francisco North Bay market data come from?
- This report aggregates quarterly office market data for San Francisco North Bay from Cushman & Wakefield, Kidder Mathews, Colliers, Savills.