Office Building Appraisals
My Financial District building has signed leases, but headlines report high San Francisco office vacancy. How does the appraisal treat both?
Your lease obligations and actual occupancy are building-specific evidence. Market vacancy supplies context for rental competition and risk. A head lease, sublease, and empty suite describe different facts. Kevin O'Brien can value the specified real estate interest at the agreed date, with those documents in view. An appraisal does not guarantee a lender's approval or that available sublease space will be leased.
Kevin O'Brien, MAI, SRA. California Certified General appraiser, license #3005065.
Define the property before comparing values
Send the head lease and any executed sublease together. Identify who pays the owner, the remaining lease term, termination options, and unpaid amounts. For SOMA office space with proposed conversion work, separate the existing office operation from the proposed use and provide planning correspondence. Asking rents, signed rents, and effective rents after concessions should be labeled separately. Building class alone does not answer the income question.
You do not need every document to start. Describe missing records at the first call.
| Bring or describe | How it helps |
|---|---|
| Block/lot and building or condominium plans | Confirm whether the assignment is for a whole building or a defined office interest. |
| Head leases, subleases, amendments, and rent roll | Identify payment obligations, occupancy, expirations, and termination options. |
| Concession schedules and expense reconciliations | Explain free rent, tenant improvements, and costs recovered from tenants. |
| Operating statements and proposed capital work | Separate existing operations from planned leasing or conversion assumptions. |
| Date, intended recipient, and access arrangements | Confirm the valuation question and the areas available for inspection. |
Match the assessor block/lot on your notice to the parcel and provide relevant ownership documents separately. The San Francisco Office of the Assessor-Recorder has assessment and recorded-document information. SF Planning's Property Information Map helps locate planning records. A tax-roll value, recorded document, or map label does not establish the market value of the interest.
One dated office vacancy figure, with limits
Cushman & Wakefield reported an overall vacancy rate of 30.1% for the San Francisco office market at the end of Q2 2026.
Source: Cushman & Wakefield, San Francisco Office MarketBeat, Q2 2026; San Francisco office market; accessed October 5, 2026. The figure is market context, not a valuation of any property.
A citywide vacancy rate does not tell you how your own leases, tenants and building compare. It is a publisher's market measure for that period, not the vacancy rate or value of your Financial District property.
From the first call to the report
- Identify the owner interest, tenancy situation, and intended recipient in the first call.
- Confirm the effective date and report scope before agreeing to the fee and delivery estimate.
- Supply the lease chain, operating records, plans, and access contact.
- Kevin examines occupancy and lease evidence alongside relevant office market evidence.
- Review the report for the agreed interest and date, including stated assumptions about unavailable information.
The opinion of value does not establish lease enforceability, approve a conversion, or commit a lender to using the report.