Silicon Valley Office Market Enjoyed Solid Growth in 2019

According to a new regional Silicon Valley office and R&D market report by Cushman & Wakefield, there was contrasting statistics among the two sectors in 2019. On the one hand, Silicon Valley's office market closed 2019 with a powerful 2.2 million square feet (msf) of occupancy growth in the fourth quarter driven by occupancies in new Class A construction projects, whereas R&D categorized space fell deep into the red with 1.2 msf of occupancy loss in the final quarter. It should be noted there is some crossover between Silicon Valley's office and R&D sectors due to similar user composition, and so combining them will have equated to a still positive 1 msf of combined growth. Julie Leiker, Cushman & Wakefield's Research Director for Silicon Valley, said, "The office market proved to be robust in 2019, generating more than 2.5 msf of total annual occupancy gain, nearly all occurring in the fourth quarter. The primary reason stemmed from significant occupied construction completions late in the year, including Moffett Towers II in Sunnyvale leased to Facebook and Amazon, Menlo Gateway in Sunnyvale leased to Facebook, and Santana Row in West San Jose leased to Splunk.

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