An overview of the Silicon Valley office market for 2010 shows solid leasing volume and declining vacancy throughout the year, according to the Silicon Valley Studley Report, which provides an analysis of office market conditions in 12 Valley submarkets. During the year, 16 leases totaling 100k sf or more were completed, twice the number of equivalent-sized transactions closed in 2009.
“Leasing activity throughout 2010 was quite top-heavy as large companies built up the reserves necessary to take advantage of the market’s outstanding opportunities,” said George Fox, Studley Senior Vice President and Branch Manager of the firm’s Silicon Valley office. “Companies ranging from giants like Google and Facebook to small start-ups such as Shock Technology added jobs last year, and the Valley’s increased office market activity reflected this expansion.”
“The tech sector continued to be critical to Silicon Valley’s turnaround, although companies from a wide range of industries contributed to the positive activity,” added Fox.
... “Firms that are flexible geographically can generally negotiate very favorable lease terms, whether renewing or relocating,” noted Fox.
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