SAN JOSE, CA-Silicon Valley's commercial real estate sector maintained steady absorption activity in the fourth quarter with over 5 million square feet of office, R&D, industrial and warehouse transactions measured during the period. So says a new report from Colliers International. “Although it was 2012's lowest quarterly gross absorption, all four quarters consistently produced over 5 million square feet of new leases and user sales, totaling 22.2 million square feet for the year.”
According to the report, office and R&D buildings represented the lion's share of the activity with more than 16.3 million square feet of activity for 2012. Jeff Fredericks, managing partner of Colliers' Silicon Valley office, explains that “Our region remains one of the country's bright spots and it was a good year for the commercial real estate market overall.”
Overall for the year, the change in total occupied space increased 2.4 million square feet, according to the report. In addition, approximately 3 million square feet of deals have been completed at projects that are under construction or waiting to be built, says the report.
Once Colliers releases its full market report on February 13, we will have more information including graphs and will update this story, so please check back.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
