Competing for limited Office space in the Silicon Valley
Demand for newly constructed buildings from Silicon Valley tech companies remains solid with 54% of under construction properties currently pre-leased.
March 10, 2020
- For now, Sunnyvale continues to have the lowest vacancy rate (3.6%) in the Silicon Valley as Google continues to expand it’s presence in Moffett Park. Other large tech companies successful in grabbing a piece of the submarket are Uber, Synopsis, Proofpoint and Nokia with projects expected to finish as early as end of 2020.
- Of the estimated 6.9 million s.f. of office space under construction, 2.8 million s.f. is set to be delivered by the end of 2020. Approximately 1.6 million s.f. of this space has been preleased.
- Sunnyvale will see 9% of additional space coming onto the submarket, and Santa Clara with 3% as under construction projects complete.
Source: JLL Research