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Second quarter large deal activity catches up to the first

• With three weeks left in the quarter, San Francisco has seen three leases over 100,000 square feet signed in Q2, matching the total signed in the Q1.  Unlike Q1, which had two of three leases signed within the first month, the deal flow in Q2 has picked up later in the quarter.

• In the past week, two large deals have been announced with Cruise Automation leasing 375,000 square feet at 301, 333 and 345 Brannan Street and Nektar Therapeutics leasing 136,000 square feet at 360 3rd. Prior to these, the only other large deal was the full building lease of Park Tower. The Park Tower deal is buoying the average deal size YTD for 2018,and that number is expected to stabilize through the year.

•  In 2017, San Francisco saw a record number of 100,000+ square-feet deals signed, ending the year with 18. 2017 closed Q2 with nine deals, while 2014, the next closest year on record, ended Q2 with ten. With tenant demand at historical highs, the potential for large deals this year is constrained by limited availabilities in this size range.

Source: JLL Research

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