In 2022, San Francisco leased five million square feet of office space
The entire year
In Q1 2026 alone: more than four million
At the time of this recording (Apr 2026) tenant demand reached 7.5 million square feet
The highest ever recorded.
OpenAI has accumulated nearly a million square feet in Mission Bay
Coinbase, Nvidia, and the Warriors all landed at Mission Rock (It's effectively full - premium space there is almost impossible to get)
Reuben Torenberg has brokered SF startup office deals through every major cycle since 2016
The 3% vacancy boom and record rents
The 38% vacancy COVID collapse
And the AI-driven resurgence happening now
We're probably still early in this cycle
The AI wave showed you can do more with less
And that's changing how founders think about space
🎙️
Reuben Torenberg, Senior Vice President,
CBRE on
Fondo START
00:36 Why brokering compounds the longer you do it