Figures

San Francisco Peninsula R&D Figures Q3 2026

October 12, 2026 5 Minute Read

Looking for a PDF of this content?

Download

  • The San Francisco Peninsula R&D market remained soft in Q3 2026. The majority of losses occurred in Life Science buildings, while non-Life Science R&D held close to flat and recorded the quarter's largest transactions.

  • Net absorption ended at negative about 116,000 square feet (sq. ft.) in Q3 2026. Life Science properties accounted for negative 80,000 sq. ft., or 69.8% of the loss, while non-life science R&D properties accounted for negative 35,000 sq. ft., or 30.2%.

  • Vacancy increased 50 basis points (bps) quarter-over-quarter (QoQ) from 25.9% to 26.4%, and availability increased from 27.8% to 28.3%.

  • Asking rents decreased to $5.35 per sq. ft. on a monthly, direct, triple-net (NNN) basis.
    Leasing activity ended at 748,000 sq. ft. across 67 transactions. Life Science buildings accounted for 434,000 sq. ft., and non-Life Science R&D buildings accounted for 315,000 sq. ft.

  • Active tenant demand stood at approximately 2.8 million sq. ft. (msf) at quarter-end. Life Science requirements accounted for roughly 2.2 msf while traditional R&D accounted for 615,000 sf.