Silicon Valley Commercial Space

Q3 2022

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Silicon Valley’s commercial space indicators exhibit signs of companies continuing to adjust to new expectations around remote and hybrid work culture. Despite increased vacancy rates over Q2, the total number of leases in 2022 already surpassed last year’s totals, indicating that the average company requires less space than before. Even with the backdrop of tech company layoffs and a looming recession, rents continued to hold steady through the third quarter.

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 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, Q3 2022
• Figure E2. Owner vs. Tenant Occupancy, Silicon Valley, Q3 2022