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PENINSULA LEASING STILL SLUGGISH

Here’s our new high-tech device for measuring office leasing activity in the San Francisco Peninsula. According to the latest report from CBRE, the market’s negative net absorption deepened in Q2 to a total of just under 363k SF YTD. The firm attributes the slowdown to weak tenant demand, which fell to 2.4M SF vs 4.8M SF at the same time last year. That said, the Peninsula did see some significant deals in Q2, led by Silver Springs Networks’ 171k SF lease extension in Redwood City. Moreover, asking rates remained firm and sublease space has declined significantly.

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