Quarterly Report

Silicon Valley Commercial Space

Q2 2021

The pace of Silicon Valley commercial space development has picked up, and is far exceeding the interlude of 2020, with expected deliveries of more than 12 million square feet of to the market in 2021. Leasing activity has ticked up as well, with a large share of leased square footage accounted for by companies expanding their real estate footprints. Asking rents have remained relatively stable in the first half of the year, while vacancy rates have risen due to tenant move-outs and new space on the market.