Market Trend: South Bay/San Jose’s Office Vacancy Decreases to 14.0%
Net Absorption Positive 229,340 SF in the Quarter
May 10, 2011
The South Bay/San Jose office market ended the first quarter 2011 with a vacancy rate of 14.0%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 229,340 square feet in the first quarter. Vacant sublease space increased in the quarter, ending the quarter at 1,191,770 square feet.
Rental rates ended the first quarter at $25.80, an increase over the previous quarter.
There was 492,800 square feet still under construction at the end of the quarter.
The information in this news report is based on CoStar’s First Quarter 2011 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.