Silicon Valley Commercial Space

Q2 2019

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The amount of commercial space under construction in Silicon Valley has continued to rise, even as new buildings have been completed. Demand for all types of space – office, industrial, and R&D – has driven this continued development and brought vacancy rates down, especially in locations near public transit. Commercial space is in such demand that there was a significant amount of speculative development of industrial space under construction at the end of the second quarter. Due to the high amount of commercial space under development, deliveries through the second half of 2019 are expected to be substantial despite the relatively few large buildings completed over the past several quarters compared to the 2015-2017 period.

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, Q2 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, Q2 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, Q2 2019
• Figure D1. In-Progress Office Space & Share Pre-Leased to Tech Firms, Bay Area, Q2 2019