Ending Q4 2020, the Silicon Valley office market recorded a decline in asking rates by $0.30/SF/month, quarter-over-quarter. Vacancy rates continued to climb quarter-over-quarter, recording a 143 bps increase to 11.74%.
Silicon Valley boasts a resilient climate to weather the storm, as the market is well positioned with booming tech and life science sectors. Leasing velocity slowed down 74.7% year-over-year but expect a rebound due to continued growth in the tech sector.
Silicon Valley boasts a resilient climate to weather the storm, as the market is well positioned with booming tech and life science sectors. Leasing velocity slowed down 74.7% year-over-year but expect a rebound due to continued growth in the tech sector.