Market braces for headwinds following sluggish start to decade
- The overall vacancy rate rose 30 basis points (bps) from the previous quarter to 6.3%. Six of Silicon Valley’s eleven office submarkets boast an overall vacancy rate below 5%, with Santa Clara having the only double digit rate at 11.2%, respectively.
- Although the Silicon Valley office market recorded 210,006 sq. ft. of net absorption in Q1 2020, preleased construction completions were responsible for 761,888 sq. ft. of total occupancy gains.