Silicon Valley Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from CBRE, Lee Associates, Survey, Cushman & Wakefield, Newmark
Quarterly office market indicators for Silicon Valley, aggregated by PropZone from CBRE, Lee Associates, Survey, Cushman & Wakefield, Newmark. As of Q1 2026, average asking rent was $5.65/SF with a 14.1% vacancy rate.
Projected current office pricing — Silicon Valley
low confidenceProjected asking rent
$20.16/SF/yr
Estimated sale value
$157–$204/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 Lee Associates data (cap rate 6.3%, asking rent held flat). Assumes ~97% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $5.65/SF | 14.1% | -311K SF | — | CBRE |
| Q1 2026 | $20.16/SF | 2.9% | 1.4M SF | — | Lee Associates |
| Q1 2026 | $20.16/SF | 2.9% | — | — | Survey |
| Q1 2026 | — | 20.1% | 114K SF | — | Cushman & Wakefield |
| Q4 2025 | — | — | 2.4M SF | — | Newmark |
| Q3 2025 | — | 16.8% | 2.2M SF | — | Newmark |
| Q2 2025 | — | — | 1.0M SF | — | Newmark |
| Q1 2025 | — | — | 1.1M SF | — | Newmark |
| Q4 2024 | $5.00/SF | — | 1.1M SF | — | Newmark |
| Q3 2024 | $5.05/SF | — | — | — | Newmark |
| Q2 2024 | $5.10/SF | — | — | — | Newmark |
| Q1 2024 | $5.10/SF | — | — | — | Newmark |
| Q4 2023 | $5.01/SF | — | — | — | Newmark |
| Q3 2023 | $5.01/SF | — | — | — | Newmark |
| Q2 2023 | $59.28/SF | — | — | — | Newmark |
| Q1 2023 | $59.52/SF | — | — | 0K SF | Newmark |
| Q4 2022 | $56.52/SF | — | — | 3.0M SF | Newmark |
| Q3 2022 | $59.64/SF | — | -1.2M SF | 0K SF | Newmark |
| Q2 2022 | $5.05/SF | — | — | 0K SF | Newmark |
| Q3 2017 | — | 5.0% | 246K SF | — | Lee Associates |
Frequently asked questions
- What is the average asking rent for office space in Silicon Valley?
- As of Q1 2026, the average asking rent for office space in Silicon Valley was $5.65/SF, per CBRE.
- What is the office vacancy rate in Silicon Valley?
- The office vacancy rate in Silicon Valley was 14.1% as of Q1 2026 (CBRE).
- Where does PropZone's Silicon Valley market data come from?
- This report aggregates quarterly office market data for Silicon Valley from CBRE, Lee Associates, Survey, Cushman & Wakefield, Newmark.
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