The second year of the pandemic produced the most office construction in Silicon Valley since 2015.
About 3.06 million square feet of new office space will sprout in Santa Clara County in 2021, more than double last year, Mercury News reported, citing a report from Cushman & Wakefield. Although that’s still less than the 6 million square feet of 2015, Experts say demand for new office space will remain high this year.
By numbers:
-2017: 2.61 million square feet
-2018: 1.38 million square feet
-2019: 2.43 million square feet
-2020: 1.5 million square feet
Major projects in northern San Jose last year included the 657,000-square-foot Yahoo office campus at 1199 Coleman Avenue and a four-building Google office campus totaling 611,000 square feet at the corner of East Brokaw Road and North First Street.
Other notable projects include the One Santana West office building with a total of 375,000 square feet at 3155 Olsen Drive in San Jose and the second phase of the ServiceNow headquarters campus expansion, with a total of 268,000 square feet at Lawson Lane in Santa Clara.
The report said no new office buildings will be completed in downtown San Jose in 2021.
One of the driving forces behind construction in Silicon Valley is the influx of large tenants renting space in the area. In December, Facebook owner Meta Platforms leased 719,000 square feet to Moffett Green, a large tech campus owned by Tishman Speyer in Sunnyvale and in May, Apple leased 700,000 square feet to the new tech Sunnyvale hub of Pathline Park.
[MN] – Victoria Pruitt