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Deliveries outpace occupancy, pushing up vacancy during 2017

  • ​Slow leasing of new construction and corporate consolidations from a few large tech tenants pushed office vacancy higher during 2017. 

  • The greater number of large block second generation availabilities affected pre-leasing of large under construction projects.  

  • Still, after a slow summer, there have been more rumors of tenants circling for 100,000 square feet and greater, keeping overall market sentiment pointing towards additional tenant growth and expansion. 

  • In fact, tenant activity, especially those looking for options between 50,000 to 100,000 square feet, increased in late 2017 and early 2018. More than 300,000 square feet of large leases have landed during the past 3 weeks in the Santa Clara submarket. ​

Source: JLL Research, PwC Moneytree​

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