Silicon Valley Commercial Space
Q1 2022
Silicon Valley’s largest tech companies seem to have finally overcome the numerous pandemic-related setbacks in their return-to-office planning. Leasing volume continued at a steady cadence in Q1, in line with historical figures despite increasing construction and fit-out (interior space build-out) costs. Meanwhile, regional commercial space rental rates increased slightly, in aggregate, following two years in which they had been artificially held steady; as a result, there were high-water marks (observed price-highs) observed in Q1 for Industrial and Lab space.
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 2022
- Figure A4. Quarterly Development In-Progress, since 2000
- Figure B1. Leased Space by Type, since 2016
- Figure B2. Leases by Type, since 2016
- Figure C1. Quarterly Vacancy Rates, since 2010
- Figure C2. Annual Vacancy Rates by Sector, since 2000
- Figure C3. Office Vacancy by Proximity to Transit, since 2017
- Figure D1. Quarterly Rents by Sector, since 2010
- Figure D2. Annual Average Rents by Sector, since 2000
- Figure D3. Office Rents by Proximity to Transit, since 2017
- Figure E1. In-Progress Office Space & Share Pre-Leased to Tech Firms, Bay Area, Q1 2022
- Figure E2. Owner vs. Tenant Occupancy, Silicon Valley, Q1 2022