There’s been a lot going on in the local real estate markets over the past year. The commercial market appears to be stabilizing with multi-family showing the best performance after a period of decline.

The first chart compares key market indicators from Q3 2024 versus Q3 2025 for the San Francisco / San Mateo market.

The second chart looks at long-term employment in the nine Bay Area counties.

The third chart looks at employment and labor force growth over the past 18 months. The key takeaway from this chart is current employment remains well below the peak figure. Which way will the trend go?