The Great Return
Silicon Valley’s commercial real estate market expanded by 1.7 million square feet in the first quarter of 2022 as confidence rolled over into the new year. Leasing activity was robust with more than 6.0 million square feet of gross absorption, up 60.0% compared to Q1 2021. Overall market vacancy fell for the third consecutive quarter and stands at 6.4 percent, down 50 basis points year-on-year.
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