San Jose - Silicon Valley industrial real estate market reports
Q4 2022: The Silicon Valley industrial and R&D/flex market continued at a healthy pace throughout 2022 ending the year on a high note with more than three million square feet of positive net absorption. Available supply has dwindled creating a supply constraint for space and upward pressure on asking rents.
Silicon Valley industrial ended the year with more than three million square feet of positive net absorption.
Silicon Valley rebounded post-pandemic diminishing total available space by more than 2.5 million square feet between Q4 2021 and Q4 2022.
Industrial NNN Asking Rents
Year-over-year industrial direct asking rents have seen a healthy increase of more than 12% to $1.40.
R&D/flex NNN Asking Rents
Year-over-year industrial direct asking rents have seen a healthy increase of more than 3.8% to $2.61.
While more than 3.7 million square feet of new construction remains in the development pipeline much of the development is slated for data center space.
A series of building and portfolio acquisitions set record sales volume for Silicon Valley’s industrial market in 2022.
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