Silicon Valley Commercial Space

Status of Commercial Space Pre-Pandemic and Early Impacts

Q1 2020

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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:

• Figure A1. Quarterly Commercial Space Completions, since 2000
• Figure A2. Annual Commercial Space Completions, since 2010
• Table A3. Large Commercial Space Completions, Q1 2020
• 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 2020
• 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 2020
• Figure D1. In-Progress Office Space & Share Pre-Leased to Tech Firms, Bay Area, Q1 2020