SAN JOSE, CA—Silicon Valley’s office and research leasing and development sectors may be even more active in this year than in 2012, according to a report this week from Colliers International.
Additionally, The San Jose Mercury News notes that the tech employment and expansion boom that has consumed office and research space the last couple of years is showing few signs of slowing down, citing the report.
Companies are currently seeking a combined total of 7 million square feet of office and research space in Silicon Valley, Colliers reported during its annual forecast and presentation in downtown San Jose. That would be roughly equivalent to enough space for six or seven regional shopping malls.
About 4.5 million square feet of that space is being sought by companies looking for 100,000 square feet or more, said Jeff Fredericks, managing partner of the San Jose office of Colliers.
Another big help for the commercial real estate market in San Jose: Few companies show signs of consolidating or downsizing their office space.
“We have a lot more users taking space than leaving space,” Fredericks said. “Sublease space is at an all-time low.”
Colliers also reported that the tech boom is steadily moving south in the U.S. Highway 101 corridor. Facebook kicked off the latest surge of office leases and purchases with its huge campus plans in Menlo Park.
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