California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

California  + Bay Area  + Office  | 
Gregg von Thaden

Silicon Valley Office Picks Up Momentum

Despite headlines declaring a Bay Area exodus and a number of tech firms offering flex plans for office workers, the Silicon Valley office market picked up momentum during second quarter. With high vaccination rates, Silicon Valley-based companies have begun reopening workplace doors in recent weeks, according to Gregg von Thaden, Avison Young’s Silicon Valley principal, managing director.

In fact, tech companies dominated leasing demand in second quarter, despite widely adopted remote and hybrid workplace policies. Apple, NetApp and Applied Materials were among the companies with expanded presences in second quarter, contributing to 1.4 million square feet of leasing activity, the highest since the onset of the pandemic, according to Avison Young research.

“This is testimony of their commitment to remain here and that the physical office will play a vital role in their growth,” says von Thaden. “Overall, tenants seem eager to execute on reopening plans. As a September return to office nears for some of the largest occupiers, that is likely when we will see the biggest shift back to pre-pandemic norms.”

Connect

Inside The Story

Gregg von Thaden

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Lease
Chase-19-cube
Money360-26-cube