San Francisco Industrial Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from CBRE, Colliers, Cushman & Wakefield, Lee & Associates, Matthews
Quarterly industrial market indicators for San Francisco, aggregated by CREhunt from CBRE, Colliers, Cushman & Wakefield, Lee & Associates, Matthews. As of Q2 2026, average asking rent was $22.68/SF/yr and vacancy was 8.1%, per CBRE.
Projected current industrial pricing — San Francisco
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q2 2026 CBRE data (cap rate 5.3%, asking rent trend-adjusted to today). Assumes ~92% occupancy and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 CBRE | $22.68/SF/yr | 8.1% | 33K SF | — | CBRE |
| Q1 2026 Colliers | $12.12/SF/yr | 1.9% | 122K SF | — | Colliers |
| Q1 2026 CBRE | $21.84/SF/yr | — | — | — | CBRE |
| Q1 2026 Cushman & Wakefield | $19.68/SF/yr | 6.4% | 110K SF | — | Cushman & Wakefield |
| Q4 2025 Lee & Associates | $20.41/SF/yr | 10.3% | 7K SF | — | Lee & Associates |
| Q3 2025 Matthews | $28.62/SF/yr | 12.9% | 435K SF | — | Matthews |
| Q3 2021 Cushman & Wakefield | $5.28/SF/yr | 5.1% | 82K SF | — | Cushman & Wakefield |
| Q3 2021 Colliers | — | 3.7% | 891K SF | — | Colliers |
Industrial asking rents by submarket
The newest asking rent a named brokerage's report published for each San Francisco industrial 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 |
|---|---|---|
| Bayview/Hunters Point | $1.44/SF/mo CBRE · Q2 2026 | CBRE, Q2 2026 |
| Mission Bay/China Basin | $2.96/SF/mo CBRE · Q2 2026 | CBRE, Q2 2026 |
| Mission/Potrero | $2.18/SF/mo CBRE · Q2 2026 | CBRE, Q2 2026 |
| Showplace Square | $2.09/SF/mo CBRE · Q2 2026 | CBRE, Q2 2026 |
| South of Market | $2.37/SF/mo CBRE · Q2 2026 | CBRE, Q2 2026 |
How the brokerage sources compare
For Q1 2026, the brokerages CREhunt aggregates for San Francisco industrial did not fully agree. On vacancy, the sources span 4.5 points — from 1.9% (Colliers) to 6.4% (Cushman & Wakefield). Asking-rent estimates differ by $9.72/SF/yr — from $12.12/SF/yr to $21.84/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Cushman & Wakefield | 6.4% | $19.68/SF/yr | — |
| CBRE | — | $21.84/SF/yr | — |
| Colliers | 1.9% | $12.12/SF/yr | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for industrial space in San Francisco?
- As of Q2 2026, the average asking rent for industrial space in San Francisco was $22.68/SF/yr, per CBRE.
- What is the industrial vacancy rate in San Francisco?
- The industrial vacancy rate in San Francisco was 8.1% as of Q2 2026 (CBRE).
- Where does CREhunt's San Francisco market data come from?
- This report aggregates quarterly industrial market data for San Francisco from CBRE, Colliers, Cushman & Wakefield, Lee & Associates, Matthews.
- How much do brokerage estimates differ for industrial space in San Francisco?
- For Q1 2026, the brokerage sources CREhunt aggregates for San Francisco did not fully agree. On vacancy, the sources span 4.5 points — from 1.9% (Colliers) to 6.4% (Cushman & Wakefield). Asking-rent estimates differ by $9.72/SF/yr — from $12.12/SF/yr to $21.84/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.