Silicon Valley Commercial Space
Q1 2019
Significant tenant demand in Q1 2019 drove Silicon Valley office space vacancy rates down, even as new supply continued to hit the market. Demand also supported high asking rents, especially at locations near public transit. Meanwhile, a remarkably large amount of new Silicon Valley commercial space was under construction during the quarter, with in-progress development at an 18-year high of more than 12 million square feet. Vacancy rates are expected to increase somewhat as the developments currently underway are completed. And while a large share of recently completed commercial space was preleased, the presence of some speculative development in-progress will open up the market to other prospective tenants.
Charts/tables featured in this report:
- Figure A1. Quarterly Commercial Space Completions, since 2000
- Figure A2. Annual Commercial Space Completions, since 2010
- Table A3. Large Commercial Space Completions, Q1 2019
- Figure A4. Quarterly Development In-Progress, since 2000
- Figure B1. Quarterly Vacancy Rates, since 2010
- Figure B2. Annual Vacancy Rates by Sector, since 2000
- Table B3. Office Vacancy by Proximity to Transit, Q1 2019
- Figure C1. Quarterly Rents by Sector, since 2010
- Figure C2. Annual Average Rents by Sector, since 2000
- Table C3. Office Rents by Proximity to Transit, Q1 2019
- Figure D1. In-Progress Office Space & Share Pre-Leased to Tech Firms, Bay Area, Q1 2019