Flat Office Rents Amid Decreasing Construction

700 Santana Row is a 284,000-square-foot class-A spec office project opening late next year (credit: WRNS).

SAN JOSE—San Jose leads the Silicon Valley office market for the fifth consecutive quarter, according to the latest market report from Newmark Cornish & Carey, a unit of Newmark Knight Frank. The Silicon Valley office market showed a continued trend toward a more balanced market as rents remain flat so far in 2017 and availability increased, the report indicates.

Recent office moves are also demonstrating a San Jose migration as the US’ 10th largest city is attracting more office users, including two blockbuster moves. One example is the well-under-construction 700 Santana Row, a 284,000-square-foot class-A spec office project opening late next year, being developed by Federal Realty Investment Trust.