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San Jose-Silicon Valley Market Research Report Q4 2022

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Silicon Valley Market Update

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The Silicon Valley commercial real estate market slowed at the close of 2022. Across all products, net absorption contracted 77,515 square feet and gross absorption measured 3.6 million square feet of activity, nearly half the gross absorption recorded in Q4 2021. The fourth quarter saw widespread layoffs as many companies adjusted from the surge of hiring during Covid. Venture capital funding slowed due to high interest rates and economic uncertainty heading into 2023 but remains relatively high in comparison to pre-Covid funding. Development in the Valley remains strong, with 9.9 million square feet currently under construction and 76.0 million square feet of planned development.

 

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San Jose-Silicon Valley Market Research Report Q4 2022

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Nicole So

Research Manager

Silicon Valley

Nicole began her real estate journey with Colliers where she has been a key member of the Silicon Valley Research Team for six years, working her way to Research Manager for the San Francisco Peninsula and Silicon Valley offices. Along with her team, she is committed to data excellence to uphold Colliers' standing as a leader in market trends and statistics. In addition to upkeeping Colliers' proprietary database, she produces the quarterly market reports, client thought pieces, and leads life science research for the Bay Area.

Nicole lives in Santa Clara and enjoys being outdoors, eating new foods, and building life-long connections through fun experiences. 

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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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