Silicon Valley Office Market Continues to Tighten
May 15, 2012
Silicon Valley remains the most dynamic and rapidly tightening U.S. office market, thanks in great part to the technology sector, which continued to secure space at an unprecedented pace. According to the 1st Quarter 2012 Silicon Valley Report from real estate services firm Studley, the region’s vacancy rate fell for the tenth consecutive quarter, dropping by 1.6 percentage points to 13.4 percent. The vacancy rate for Class A space decreased even more markedly, falling by 2.5 percentage points to 19.9 percent...
... “Apple, like Google, is in the process of building a mega-campus to accommodate its ferocious expansion. Once both companies have completed their campuses and consolidated operations, there may be an opportunity for tenants to take advantage of the freed-up space,” said George Fox, Studley senior vice president and branch manager of the firm’s Silicon Valley office. “As the market continues to tighten, tenants are becoming more proactive and creative in their office leasing decisions.” ...
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