San Jose - Silicon Valley office market reports

Q2 2022: In a time of growing economic uncertainty, Big Tech continued to influence the direction of the Silicon Valley real estate market, with multiple large block deals being completed by Q2 2022. 

8.2 msf under construction

Under Construction

Although there are lingering questions about a timeline for full return to office, the new development pipeline in Silicon Valley is charging ahead with more than 8.2 msf of projects currently under construction.

1.04 msf

Net Absorption

Largely aided by deals signed by tech expansions the Silicon Valley saw a healthy increase in net absorption in Q2 2022, surpassing one million square feet of positive absorption for the quarter.

$4.82 psf

Average Asking Rent

Average asking rents for Class A continued a steady climb to $4.82 psf. While less likely of tenant demand, but rather an indication that concession packages are still a primary factor in the completion of a deal.

21.2 msf


While the flood of available space coming onto the market seems to have plateaued, there has not been a significant increase in sublease space compared to other major markets.



The vacancy rate saw an uptick to 9.7% in Q2 2022 and remains below the pandemic peak reached in Q3 2021.

$815 psf

Investment Sales

Investor confidence in the Silicon Valley market remains high despite average sale prices per square foot on a slight downward trajectory to $815 in Q2 2022; down from all-time highs of $890 in 2021.


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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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