Q3 2018 Silicon Valley Market Report
Silicon Valley ended the year on a high note, with monthly asking rates increasing to just $3.70 a square foot for the region and the vacancy rate down to less than 10%. The unemployment rate continued to drop in the region – led by continued growth in the technology sector – but hiring has slowed as the region nears full employment. Vacant sublease space continues to have a significant impact on the overall vacancy rate, accounting for nearly 20% of all vacant space in the Valley. Micron & GLOBALFOUNDRIES were among the large corporate users to bring significant blocks of space to market in the 2nd Half of 2018, with a combined 275,000 square feet between them.