Savills: Silicon Valley Office Leasing Hits Post-Pandemic High of 4.9 Million SQFT

Silicon Valley office leasing more than doubled year over year to 4.9 million square feet in the third quarter of 2026, with Sunnyvale capturing more than half of the volume as Google, Amazon, Hewlett Packard Enterprise and AI firms pushed availability down to 21.8 percent and asking rents up 7.5 percent, according to Savills.