Privately backed artificial intelligence startups have leased more than 3.1 million square feet across the Bay Area this year for a 700% since 2020, unmatched in any other U.S. market, reported the San Francisco Business Times. The surge in leasing activity is reviving San Francisco’s beleaguered commercial property sector, led most recently by robotics firms.
New AI leases and renewals have climbed from the 372,000 square feet leased in 2020, spanning office, industrial and R&D space, reported the Business Times, citing data from Colliers. The Colliers data exclude publicly traded tech companies, whose footprints include private campuses, not leases.
As one illustration of the AI boom, San Francisco’s office market is rebounding faster than most U.S. metro areas. “This recovery is happening right now,” Derek Daniels, Colliers’ regional research director for the Bay Area, told the Business Times. “The office market is back.”
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