Q3 2021 in Silicon Valley continued to show strong investor confidence, a robust construction pipeline, and healthy venture capital investments. The most notable acquisition included AGC Equity Partners purchasing the three-building complex in the Coleman Highline scheduled to be occupied by Verizon. Significant deliveries came online this quarter totaling over 1.5M square feet of newly added office space, with the largest deliveries located in North San Jose and Sunnyvale.
Overall Silicon Valley vacancy rates continued to increase, from 13.2% to 14.1%. Mountain View recorded the largest vacancy increase of 3.1% quarter-overquarter. Negative net absorption Valley-wide can be attributed to two large move outs: Palo Alto Networks vacated 246,000 square feet at 3333 Scott Blvd, and NortonLifeLock vacated 351,000 square feet at their Mountain View Campus.