The San Francisco apartment, hotel and office markets have been on fire since the Great Recession, but the most recent data from the region could be a sign of trouble ahead.

Here’s a look at what the new trend it could mean for investors.

Offices

According to Morgan Stanley analyst Vance Edelson, the slowdown in the tech IPO market could be to blame for relatively weak office vacancy rate numbers in the San Francisco area. Office absorption tends to closely track the IPO market, and Morgan Stanley has seen a slowdown in both in recent months.

Edelson believes that investors should be cautious and choosy when it comes to office REITs with exposure to San Francisco, and names Columbia Property Trust Inc CXP 0.86%, Paramount Group Inc PGRE 0.11% and Boston Properties, Inc. BXP 0.64% as its top picks.

Apartments

Edelson sees…

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