Commercial Space, Q3 2021

Quarterly Report

Silicon Valley Commercial Space

Q3 2021

While Silicon Valley had moderate leasing activity in Q3, investments drove 2021 year-to-date commercial real estate sales volume up to more than six billion dollars in the South Bay alone. Progression in key office projects proximate to Caltrain stops pulled average asking rents even higher in San Mateo County, whereas rents remained stable across Santa Clara County. Vacancy rates remained elevated in Q3 2021.

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, Q3 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
Table 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
Table D3. Office Rents by Proximity to Transit, since 2017
Figure E1. In-Progress Office Space & Share Pre-Leased to Tech Firms, Bay Area, Q3 2021
Figure E2. Owner vs. Tenant Occupancy, Silicon Valley, Q3 2021