Snapshots

Silicon Valley stands out for overall absorption and rate of growth for the past decade

In the past 10 years, the demand for office space in the Silicon Valley has led it to be one of the fastest growing markets with absorption at 22.1 million s.f., with new supply constrained to only 18.3 million s.f.

February 04, 2020
  • Some notable projects are Apple Park: 2.8 million s.f. built in 2017, Moffett Towers & Place: 5.5 million s.f. developed by Jay Paul and to be completed in 2020.
  • As office parks and mixed-use developments continue to arise along with the expansion of public transportation, rent averages continue to grow exponentially in Silicon Valley. Palo Alto rents have increased 53% and now averages at $8.46 p.s.f, North San Jose increased 66% to $4.31 p.s.f. and Downtown San Jose increased 58% to $4.31.

 

Source: JLL Research