Over the past year, roughly 280,000 square feet of net new commercial space hit the market in San Francisco, a drop in the bucket relative to the current demand for space which has led to a spike in rents.

And while nearly 3 million square feet of new office space is currently under construction in the city, space which should be ready for occupancy within the next couple of years, over half that being built has been speculatively pre-leased by tech companies such as Salesforce, DropBox and LinkedIn.

That being said, there’s another 1.3 million square feet of space for which the building permits have either been secured or requested and the plans for another 3.8 million square feet of office space have already been approved.

And with proposals for another 4 million square feet of office space having been filed with the city and under review, the overall pipeline of commercial development in San Francisco is at its highest point in over thirty years, a pipeline which also includes nearly 3 million square feet of new retail space in addition to the 12 million square feet of office space outlined above.