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2021 Q1 San Jose-Silicon Valley Market Research Report

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Light at the end of the tunnel


Silicon Valley absorption remained negative in the first quarter of 2021. However, occupancy losses were the lowest since the start of the pandemic, down roughly 170,000 square feet across all product types. Gross absorption tallied 3.8 million square feet, however, preleased new deliveries accounted for 38.5 percent of quarterly deal volume.


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2021 Q1 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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John Moe

Executive Managing Director, San Francisco Bay Area

San Francisco

As Executive Managing Director and leader of the San Francisco and San Francisco Peninsula Offices for Colliers International, John Moe is an industry leader with more than 30 years commercial real estate experience. In addition to day-to-day operations for these two markets, John also oversees capital markets, agency leasing and coordination with property management services across all the offices in Northern California and Reno, Nevada..

John’s has a proven track record throughout the Western U.S., leading teams in asset management, property operations, leasing, sourcing and underwriting acquisitions and dispositions, project management and construction management. Prior to joining Colliers, John was Market Managing Director for the Pacific Northwest region and Western Region Managing Director of Investments for Equity Office Properties, a Blackstone portfolio company. He also previously held leadership positions with DivcoWest Group, Cornerstone Properties/William Wilson & Associates, and Maguire Thomas Partners.

Specializing in value creation, John has worked across portfolios of over 50 million square feet of urban and suburban office, medical office, R&D, industrial, hotel and mixed-use properties with some of the nation’s leading institutional owners.  Highlights include leasing over 40 million square feet and investment underwriting of over 57 million square feet in excess of $13 billion. 

Working closely with Kevin Morgan (President, Northwest Region and Head of Agency Leasing U.S.) and the Northwest executive leadership team, John will support the region’s strategic plan for growth and business development throughout Northern California.

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