Rental rates for Silicon Valley high-tech commercial real estate fell almost 30% in 2002, according to recent statistics, and Collier's January report shows that the trend is continuing this year.
According to Colliers, the total amount of available space in Silicon Valley, as of February 1, was more than 50 million sf. In 2002, there was 40 million sf available. In addition, the amount of available sublease space has increased by 2% to 19.1 million sf. The amount of vacant space for lease increased 4% to 30.8 million sf.
Silicon Valley, which is occupied mainly by large and small technology companies, has been hit hard by the technology industry's downturn, which caused local commercial rents to plummet as companies consolidated facilities and cut costs.
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