Silicon Valley Commercial Property Markets Resilient as Big Tech Pushes Ahead
The first quarter saw modest activity in Silicon Valley’s commercial property markets, once again driven by expansions of large tech companies. After nine consecutive years of occupancy gains, confidence in Silicon Valley commercial real estate remained spirited as we entered the new year and new decade. As a result, quarterly leasing activity amounted close to 4.8 million square feet, up 23.7 percent compared to Q1 2019. And, while net absorption was negative 353,452 square feet, occupancy losses for all tracked product types were half of what we saw in Q1 2019.
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