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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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Lena Tutko

Director - Research

Silicon Valley

Lena is the Research Director for Colliers covering the Silicon Valley and San Francisco Peninsula markets. With more than 15 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 , 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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