“Artificial-intelligence firms are leading a revival of the San Francisco office market…The amount of office space being leased has rebounded strongly this year and is back to pre-pandemic levels...[One global real estate analyst] said conditions resemble those in 2012 when the country was still recovering from the global financial crisis…[and that] the city is well-positioned to boom once again as AI expands to touch virtually every aspect of daily life.” After the pandemic hit, the biggest factors in the weakening of the San Francisco rental market were the emptying out of its office buildings, the decline in high- tech employment, and the subsequent decline in population. That situation began to turn around in 2025 with the rapidly accelerating AI start-up boom occurring in the city. According to Apartment List, San Francisco has experienced the fastest rent growth of any major city in the country over the past 12 months – approximately 12.4% – and rents are rapidly approaching pre-pandemic prices.
Wall Street Journal , “A 1125-Foot Sign of Life for San Francisco’s Office Comeback,” 9/2/25
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