Quarterly Report

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.