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.
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.
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.
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.
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.
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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