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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

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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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Lena Tutko

Senior Research Manager

Silicon Valley

Lena is the Senior Research Manager for Colliers International covering the Silicon Valley and San Francisco Peninsula markets. With more than 10 years of experience in commercial real estate research, she is passionate about providing strategic market insights that help move the business forward. Lena leads a team of research analysts and is enthusiastic about maintaining the highest level of data integrity and transforming data into knowledge.

Lena began her career in commercial real estate with Real Capital Analytics, where as Senior Research Manager she led cross-functional teams in Silicon Valley, New York and London. Prior to joining Colliers International, she was a Market Research Manager at Omnicell Inc., where she led research initiatives for the company’s Global Automation and Medication Adherence business segment. Lena holds a B.A. in Economics from the University of California, San Diego.

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Mike Cobb

Senior Vice President

Silicon Valley

Mike specializes in the sale and leasing of office, industrial and R&D properties on the San Francisco Peninsula. Mike possesses a depth of market knowledge and experience, and his expertise has proven a great benefit to his clients.

A skilled market analyst and forecaster, Mike has been the lead author of Colliers’ San Francisco Peninsula quarterly market report since 2002. He is the owner of Opinion of Value, a leading commercial real estate blog covering the San Francisco Peninsula and Silicon Valley. In addition to successful assignments with institutional and local property owners, Mikes’ clients have included prominent local technology firms, start-ups, and national manufacturing concerns. He has also successfully represented various non-profit organizations on highly challenging facility acquisition and disposition assignments. Mike joined Colliers International in December, 2001 as a veteran of the brokerage industry and with a strong focus on the Peninsula market.  Mike is active in his local community. He has served as a Director on the boards of a number of non profit groups involved in education and the arts, and been appointed to several financial oversight commissions within his local school district. He has also coached youth sports.

 

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