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2020 Q3 San Jose-Silicon Valley Market Research Report

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Silicon Valley Leasing Activity Returns Despite Increased Vacancy

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Silicon Valley’s commercial property markets are continuing to adapt to a post-COVID-19 economy. For the third consecutive quarter occupancy losses amounted to 2.1 million square feet and more than 4.5 million square feet year-to-date, wiping out all occupancy gains seen in 2019. The bulk of the negative net absorption can be ascribed to the R&D sector, which led in occupancy losses with 1.9 million square feet. Roughly 25.0 percent of these occupancy losses stem from renovation projects, which are temporary in nature and signal confidence in future demand. Despite the continued upward trajectory in vacancy, gross absorption, which is defined as non-renewal leasing and user-sale activity, rebounded to 4.1 million square feet, up 64.5 percent from Q2 2020 but down 16.5 percent year-over-year.

 

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2020 Q3 San Jose-Silicon Valley Market Research Report

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Steffen Kammerer

Regional Managing Director, Bay Area

Silicon Valley

Steffen Kammerer joined Colliers as the Silicon Valley Executive Managing Director in 2021 after a successful career in tenant representation at JLL. Based in San Jose and living on the Peninsula, Steffen has a unique understanding of the market and what it takes to be successful in the Bay Area. Steffen's approach to business is similar to life - people first. With the opportunity to further differentiate Colliers by being a be servant-based leader, Steffen was quick to recognize the value he could bring to the company. In his new role, Steffen is responsible for the strategic direction and performance of Colliers Silicon Valley, including leadership of Agency Leasing and Occupier Services.

After growing up in the Bay Area and marrying his high-school sweetheart, Steffen and his wife, Danielle have two beautiful, energetic boys that keep their hearts and schedules full outside of the office. With a focus on chasing joy in life and supporting those around him, Steffen’s leadership in the Bay Area is bound to take Colliers to the next level.

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