Commercial Space

New Commercial Development Completions

Silicon Valley

Data Source:

JLL

Analysis:

Silicon Valley Institute for Regional Studies

Commercial space includes Office, Industrial, R&D and Lab. The JLL statistical inventory and all related reports include office, Flex/R&D, and Lab buildings above 30,000 square feet in Santa Clara County (plus Fremont and Newark) and 20,000 square feet in San Mateo County, and all industrial developments above 10,000 square feet; any attached retail space is not included in total square footage Silicon Valley data includes San Mateo County, Santa Clara County, and the Cities of Fremont and Newark. In an effort to provide more accurate data and reporting, JLL Silicon Valley redefined inventory classifications for Office and Flex/R&D properties. Beginning with the Q3 2020 data, the definition of a property as Office or Flex/R&D was altered to focus more on the structure of the building rather than the use. Apart from downtown areas, the El Camino and Sand Hill Road Corridors, and other office-only pockets, Office is now defined as any building with at least four stories in Santa Clara County (plus Fremont and Newark) and at least three stories in San Mateo County. Flex/R&D properties are defined as buildings that have three or fewer stories in Santa Clara County (plus Fremont and Newark) and one to two stories in San Mateo County. Additionally, as of Q3 2020, owner-occupied buildings are included in the JLL statistical inventory and reports. As of Q4 2020, Lab buildings were included as a separate category from R&D. All the aforementioned changes resulted in a large shift in the existing inventory and historical statistics related to both property types; however, as a result of these changes, statistics and reporting now more accurately represent market dynamics in the region.

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Resources for Relevant Data and Reports (show)

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