Change in Supply of Office Space
Silicon Valley Institute for Regional Studies
Data is from JLL, and represents the end of each annual period unless otherwise noted. Commercial space includes Office, Industrial, and R&D space. The JLL inventory includes all development above 35,000 square feet, with the exception of Downtown Palo Alto and Downtown Mountain View. Silicon Valley data includes San Mateo County, Santa Clara County, and the City of Fremont. Average asking rents are “Full Service Gross” (FSG), which is the monthly rental rate and includes common area maintenance fees, utility fees, and taxes/insurance fees. The vacancy rate is the amount of unoccupied space, and is calculated by dividing the direct and sublease vacant space by the building base. The vacancy rate does not include occupied spaces presently being offered on the market for sale or lease. The Change in Available Commercial Space only includes office space, and is calculated as the change between Q4 and Q4 of the prior year. Net absorption is the change in occupied space during a given time period. Average asking rents have been inflation-adjusted and are reported in 2016 dollars, using the Bay Area consumer price index for all urban consumers from the Bureau of Labor Statistics, 2016 estimate based on first half data.
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