Silicon Valley Commercial Real Estate Driven by Tech Boom Expected to Persist
Source: mercurynews.com | Re-Post MNM Partners, LLC 2/13/2019 –
SAN JOSE — Silicon Valley’s office market, powered by the boom in the tech sector that has gobbled up a growing amount of property, has enjoyed shrinking vacancy levels and steadily rising rents, according to a new report from Colliers International.
At the end of 2018, office vacancy rates were at 6.6 percent, the lowest level of vacant office space since a 6.2 percent rate in 2015, according to a new report released by Colliers International as part of the Colliers Real Estate Trends 2019 conference that was held in downtown San Jose this week.
“Tech companies will continue to fuel this area’s expansion,” Reed Payne, executive managing director in the Colliers San Jose office, said during a presentation to the annual conference on Tuesday.