Office rents fell by as much as 25% in the San Francisco Bay Area in the fourth quarter, as companies shed space to cut costs, according to data from broker Cushman & Wakefield.
In downtown San Francisco, rents fell about 25% from the third quarter to $36.48 a square foot, after falling 20% in the previous quarter. In the Silicon Valley, rents dropped 20% for high-tech space to $24 a square foot, according to Cushman's preliminary numbers.
