Commercial Space, Q2 2022

Quarterly Report

Silicon Valley Commercial Space

Q2 2022

Silicon Valley’s commercial space indicators paint a complex picture through diverging trends in Q2. Leasing volume within the region showed a surprising uptick, slightly outpacing last year’s figures and running counter to increasing vacancy rates. The pandemic-period trend toward leasing of smaller spaces continued. Asking rents have plateaued despite outsized levels of inflation reported this year, indicating a reluctance for landlords to raise rents in order to remain competitive in 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 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, Q2 2022
Figure E2. Owner vs. Tenant Occupancy, Silicon Valley, Q2 2022