"SAN JOSE Commercial leasing activity jumped in Silicon Valley during the third quarter of 2025 and development activity rose at a modest pace as owners of commercial properties scout for an elusive market rebound, a new report shows. Santa Clara County, San Mateo County, and Fremont commercial property leases totaled 20.4 million square feet during the July-through-September third quarter, according to a report from the Silicon Valley Institute for Regional Studies that was released in partnership with JLL, a commercial real estate firm."
"The pace of commercial leasing in the third quarter was 48.9% higher than the 13.7 million square feet that was leased in the April-through-June second quarter of 2025, the report from the Institute for Regional Studies and JLL determined. The survey defined commercial spaces as office, research, industrial, and laboratory buildings. Retail was excluded. Completed commercial development projects in Silicon Valley totaled 5.61 million square feet in the third quarter for commercial spaces in Silicon Valley."
Silicon Valley commercial leasing reached 20.4 million square feet in Q3 2025 across Santa Clara County, San Mateo County, and Fremont. Leasing volume increased 48.9% from Q2, when 13.7 million square feet were leased. Completed commercial development totaled 5.61 million square feet in Q3, a 5.5% increase from Q2. The market saw large headquarters leases in downtown Sunnyvale and steady leasing at a new Santana Row office building, filling substantial space. The survey counted office, research, industrial, and laboratory buildings and excluded retail. Vacancy rates for all commercial buildings rose across the region.
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