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Moran Team

Office & Life Sciences Practice

Peninsula & South Bay Markets

10+ Years Experience
50M SF Transacted

Q4 2025 Market Snapshot

Bay Area Office, R&D & Life Sciences

Live Data
Vacancy Rate 32.8% ▼ 370 bps YoY
YTD Absorption +2.51M SF ▲
Asking Rent $70.43 FSG +2.4% YoY
Active Demand 8.0M SF All-Time High
↓ Access SF Office Report
Vacancy Rate Comparison
SF Office
32.8%
Peninsula
23.8%
Life Sciences
30.2%
Top Q4 Deal
Sierra AI
257,817 SF
Mission Bay
Vacancy Rate 23.8% ▲ 50 bps QoQ
YTD Absorption -397K SF ▼
Palo Alto +490K SF Bright Spot
Oracle Impact -440K SF Departure
↓ Access Peninsula / R&D Report
Vacancy Rate Comparison
SF Office
32.8%
Peninsula
23.8%
Life Sciences
30.2%
Top Q4 Deal
UCSF
280,472 SF
Peninsula
Vacancy Rate 30.2% ▼ 103 bps QoQ
Q4 Absorption +226K SF ▲
Peninsula Lab +808K SF Q4
Market Trend Stabilizing ▲
↓ Access Life Sciences Report
Vacancy Rate Comparison
SF Office
32.8%
Peninsula
23.8%
Life Sciences
30.2%
Top Q4 Deal
Neuralink
142,815 SF
Peninsula

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IB
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