NOVO Involved in 4 of 20 Largest Office Leases in San Francisco of 2017
The San Francisco Business Times recently reported that in 2017, the record for the most large office (over 100,000 square feet) leases in San Francisco was set, where more than 20 tenants signed deals to renew, expand or take new spaces last year. Among those 20 tenants, NOVO Construction provided general contracting services for 4 of the tenant improvement projects:
- Okta – 100 First Street | 207,000 SF
- AppDynamics – 303 2nd Street | 151,544 SF
- Otto – Pier 70 | 130,000 SF
- Wish – 1 Sansome Street | 106,617 SF
The previous record, set in 2014, had 17 deals above the 100,000-square-foot mark. What made 2017 stand out are two main factors that converged: new buildings and substantial demand, with close to 10 million square feet of new office space coming on the market or is currently under construction.
Looking ahead, tenants will have fewer options for large deals in San Francisco and demand could push office rents even higher. Thus, creating spillover to submarkets such as Oakland where there is more than 1.5 million square feet of office on the way.
For full article and list of 2017’s Large Office Leases in San Francisco: San Francisco Business Times.
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