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2020 Q4 San Jose-Silicon Valley Market Research Report

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Pandemic Disrupts Silicon Valley’s Nine-Year Absorption Streak


Silicon Valley’s 9-year streak of occupancy gains was broken in 2020. The market saw net absorption fall by another 174,000 square feet in Q4 2020, bringing the annual occupancy deficit to 4.7 million square feet. The COVID-19 pandemic continued to produce economic challenges, elevating Silicon Valley’s overall vacancy rate to 6.5 percent, up 150 basis points year-over-year, the highest since Q3 2017. However, the distress was not felt equally across all sectors in the Valley. While R&D and office sectors witnessed significant quarterly occupancy losses, the industrial market bucked the curve posting 475,000 square feet of occupancy gains in the last quarter of 2020.


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2020 Q4 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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