The COVID-19 crisis has transformed life in Northern California’s Santa Clara County and the surrounding areas, reported Savills.
The San Francisco Bay Area was the first region in the United States to take unprecedented measures to slow the spread of the novel coronavirus. In February, the region declared a state of emergency and by mid-March was the first major metro area to institute a shelter-in-place order, bringing a halt to a majority of businesses. Santa Clara County has been the hardest hit area in the general Bay Area.
The impact to the market will be significant and the severity is dependent on how long the current circumstances extend. Ahead of any pandemic-related impact, the market saw some softening as quarterly leasing activity dropped to 1.6 million square feet, down almost 300,000 square feet from fourth quarter 2019, reported Savills. Overall availability remained stable at 14.4 percent and overall asking rents saw a slight 0.8 percent drop to $4.9
