San Francisco, CA office market
Office space in SoMa.
SoMa runs roughly from Market Street south to King, between the Embarcadero and Highway 101. Inventory is ~25 million square feet, mostly converted warehouse-loft buildings with high ceilings and column-spaced floor plates favored by tech tenants. Class A asking rents run $50–$75/SF; trophy newer construction (LinkedIn at 222 Second, Salesforce overflow) trades at $70–$95/SF.
SoMa is functionally two submarkets. Eastern SoMa (between Second and the Embarcadero) is anchored by trophy newer construction — 222 Second, LinkedIn HQ, the Splunk and Pinterest spaces — and trades at near-FiDi pricing. Western SoMa (Folsom, Howard, Mission west of Sixth) is the loft heartland with older warehouse stock at deeper-value pricing.
What makes SoMa attractive vs. FiDi for tech tenants: lower per-SF rent on comparable build quality, larger floor plates than SoHo-style loft (15,000–40,000 SF common), proximity to Caltrain (the South Bay commute artery), and the cluster effect of having every major SF startup within walking distance. The downside is a thinner amenity stack — fewer restaurants, less retail, less foot traffic at night.
Sublease overhang is significant in SoMa post-COVID. Tech companies that signed long leases at 2018–2019 peak rents have sub-leased substantial portions, creating direct-vs-sublease pricing tension. Tenants can often find sublease space at 20–30% below direct asking, with shorter terms and existing built-out condition. The sublease market is the real opportunity here right now.
Market snapshot
By the numbers
- Inventory
- ~25M SF
- Class A asking rent
- $50–$75/SF (FSG)
- Trophy asking rent
- $70–$95/SF (FSG)
- Availability rate
- 28–32%
- Typical free rent
- 20–30 months on 7–10yr lease
- Typical TI allowance
- $150–$220/SF
Deals tracked
-
Avg rent
-/SF
Avg TI
-/SF
Median deal
-K SF
Notable buildings
- 222 Second (LinkedIn)
- 100 First Plaza
- 350 Mission (Salesforce East)
- 535 Mission
- 1 Market Street
Broker perspective
Always run sublease comps in parallel with direct in SoMa right now. The sublease overhang from 2022–2024 is still working through the market. A tenant who needs 8,000–20,000 SF can frequently find a furnished, built-out sublease at 25–40% below direct asking, sometimes with a credit-tenant guarantor. That's a fundamentally different deal than a direct lease, and it's the right answer for many tenants.
Frequently asked
People also ask
How is SoMa different from FiDi?
SoMa is loft/warehouse-conversion product (high ceilings, column floor plates) at lower rents; FiDi is traditional Class A high-rise. Tech tenants tend to prefer SoMa for the build aesthetic and rent advantage; financial services and pro services tenants tend to prefer FiDi for the trophy address and amenity stack.
Where's the SoMa tech cluster?
Centered around Second and Folsom — LinkedIn, Salesforce, Pinterest, Splunk, Stripe (formerly), Slack (formerly), Twitter/X, Uber. Walking distance to Caltrain, Salesforce Park, and the Embarcadero. Densest startup cluster in the country outside of MV/Palo Alto.
Is sublease available in SoMa?
Yes, in volume. Tech companies that signed at 2019 peaks have sub-leased substantial inventory. Sublease pricing typically runs 20–30% below direct, often with built-out condition and shorter terms. Always evaluate sublease alongside direct.
What's parking like in SoMa?
Limited. Most SoMa buildings are car-light by design — they assume Caltrain commuters, BART access, or rideshare. Parking ratios are typically 1:2,000 SF or worse, vs. 1:500–1:1,000 in suburban markets. Plan accordingly for any team that drives.
Got a soma lease? Abstract it in 90 seconds.
Drop a 60-page lease, get a 38-field abstract, every value cited back to the source page. Free to try, no card required.