Silicon Valley Commercial Space

Q2 2021

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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.

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 2021
• 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, Q2 2021
• Figure E2. Owner vs. Tenant Occupancy, Silicon Valley, Q2 2021