The office market in Northern California’s Silicon Valley continues to face ongoing pandemic challenges, yet signs of optimism are emerging in the first quarter, reported Savills.
On a positive note, quarterly office lease count is up 47 percent from the fourth quarter 2020. Still, in terms of total square footage, activity is down by roughly 10 percent with just 400,000 square feet leased this quarter as companies remain hesitant to make real estate decisions given ongoing uncertainty. With an active development pipeline, inventory grew by 17 million square feet to start the year. This surge of new space on the market presents a prime opportunity for tenants to explore top-tier product.
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