San Jose - Silicon Valley office market reports

Q1 2022: Tech giants continue to set trends and lead the way in Bay Area real estate. The official return to work is upon us as we exit the 1st quarter of 2022.

We entered 2022 with great uncertainty around the state of the office market with unprecedented surges in Covid-19 cases due to the Omicron Variant. But, as we exit the first quarter, cases have decreased precipitously, making way for tech giants like Apple and Google to announce their returns to in-person work. These announcement will likely act as a jumpstart to a lot of real estate decisions of smaller companies throughout the Silicon Valley and Bay Area.

1.05 msf

Net absorption

 The Silicon Valley saw its largest positive net absorption since the onset of the Covid-19 pandemic.

117.8 msf


800k sf of office space was added into inventory with another 9.3m sf currently under construction.



Despite lower leasing volumes, vacancy in both direct and sublease spaces continue to recover from their pandemic highs

19.2 msf


Total available space increased slightly in Silicon Valley, but confidence in the impending return to office of the major tech giants lends itself to future decreases.


Direct asking rates

While marginal, class A rents have risen for the 5th straight quarter.

$350 m

Investment sales

Sales volume has remained consistent with past Q1’s while price per sf has remained high with little to no “pandemic pricing” to be seen.


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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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