Silicon Valley – East Bay Commercial Markets Look Strong
Source: eastbaytimes.com | Re-Post MNM Partners 2/15/2018 –
Santa Clara County and East Bay commercial real estate markets are looking strong, according to several Colliers International brokers.
The Santa Clara County “office market was actually stronger than we anticipated” during 2017, David Schmidt, an executive vice president in the Colliers San Jose office, said Tuesday in a presentation at the Trends 2018 conference, an annual Colliers International event. The event assessed what happened in the South Bay’s office, research and development, and industrial markets during 2017 and offered predictions for 2018.
Colliers previously predicted that Santa Clara County’s office market would end the year with a vacancy rate of 14.5 percent, but the actual result was a 12 percent vacancy rate, Schmidt reported.
Colliers predicts that the county’s office vacancies will improve to 9 percent in 2018.
The research and development market in Santa Clara County was initially projected by Colliers to be 11.3 percent for 2017, but the actual vacancy wound up at 10.6 percent for R&D space.