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Silicon Valley Commercial Real Estate Revs Up

San Jose, Calif.,–Silicon Valley’s commercial real estate sector maintained steady activity in Q2 2013 with 6.1 million square feet of office, R&D, industrial and warehouse transactions during the period.

Office and R&D buildings represented the lion’s share of activity with over 80% of the Valley’s gross absorption in Q2 2013. Santa Clara, Sunnyvale, and San Jose accounted for 60% of the activity for these two product types.

Overall for the quarter, the change in total occupied space (net absorption) increased over 2.6 million square feet, which was the highest amount since Q1 2006. Not only is the rate of space being vacated slowing down, new developments that were preleased in 2012 continue to be completed and occupied. Also, net absorption for the Silicon Valley’s office sector totaled 825,000 square feet for the quarter, its highest amount since Q4 2001.

Jeff Fredericks, SIOR, managing partner of Colliers’ Silicon Valley office, commented, “The Silicon Valley’s economic engine is turning and our commercial real estate market is reflecting that with very encouraging statistics.”

About Colliers International
Colliers International is one of the top three largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 480 offices in 62 countries. Colliers International focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive magazine ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most-recognized commercial real estate firm in the world. For more information, please visit our Web site at http://www.colliers.com.

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