Quarterly Report

Silicon Valley Commercial Space

Status of Commercial Space Pre-Pandemic and Early Impacts

Q1 2020

The most immediate impacts of the pandemic on Silicon Valley commercial real estate were directly associated with the shelter-in-place orders, which limited touring activity, construction progress, and building inspections. Until the crisis subsides, it will be impossible to understand the full impact of the COVID-19 pandemic. Office and R&D vacancy rates remained relatively stable into Q1, as did rental rates. A significant amount of new space is under construction, despite some pandemic-related delays. Major projects underway are spread among cities throughout the region, with large projects in cities such as San Jose, Santa Clara, Mountain View, and South San Francisco.

Charts/tables featured in this report: