San Jose - Silicon Valley office market reports

Q3 2021: The pandemic has hampered the Silicon Valley economy but incremental signs of recovery are spreading across the region. 

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While Covid-19 vaccination rates continued to rise, the delta variant delayed many company's return to work plans, causing leasing demand to sputter. Vacancy remains elevated but tour activity and investment sales are increasing, leading to a growing sense of optimism in the office market. 

 

4.9%

Economic conditions

The unemployment rate continues to decline from a high of 12.4 percent in April 2020 to 4.9 percent now.

-45%

Leasing activities

With totals below the historical average, leasing activity mildly improved during Q3 after a slow first half of 2021.

12.9%

Vacancy rate

Driven mostly by an uptick in sublease availability, total vacancy has increased moderately over the last 12 months.

610K

Sublease space

Sublease availability has grown by 610k square feet since 2020.

-0%

Rental rate

Silicon Valley Class A average asking rents decreased by only marginally from the peak in 2020 through 3Q21, with landlords being more inclined to offer increased concessions over lowering base rents.

$670 psf

Capital markets

Confidence in the future of the region continues to remain strong as asset pricing per square foot has reached all-time highs.

 

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Your source for the latest San Jose - Silicon Valley office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater San Jose - Silicon Valley area. Avison Young advisors look at San Jose - Silicon Valley commercial real estate activities and the latest San Jose - Silicon Valley statistics to provide you expert market research on San Jose - Silicon Valley's office properties.

Explore different topics like the latest office market pricing trends and analysis of San Jose - Silicon Valley's current office real estate market conditions. Gain a better understanding of San Jose - Silicon Valley’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in San Jose - Silicon Valley's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in San Jose - Silicon Valley.

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