Available sublease space in Silicon Valley increased by 3 million square feet in the last ten years
Sublease availability in Silicon Valley has trended upwards since 2011 from 881,103 square feet to 3.8 million square feet in 2019.
May 08, 2019
- The above pyramid chart illustrates Silicon Valley office space availability form 2010 to 2019. The total availability is split into two parts: sublease availability and direct availability. Sublease availability in Silicon Valley has trended upwards since 2011 from 881,103 square feet to 3.8 million square feet in 2019. However, direct availability fluctuated between 6.6 million square feet to 12 million square feet in the past 10 years.
- In recent years, there has been significantly more available direct space compared to available sublease space in both the North San Jose and Downtown San Jose submarkets. Significant development activity in both submarkets has led to the increase in available direct space.
- Santa Clara has the highest amount of available sublease space. Since 2016, the total sublease inventory has increased from 857,000 square feet to 1.5 Million square feet as companies like Citrix (310,000 square feet) and Palo Alto Networks (300,000 square feet) are still sitting on surplus vacancy.
Source: JLL Research