The sublease supply in the Silicon Valley has continued to well through the start of the year. According to the first quarter office report from Colliers , the market's sublease supply has increased 64% through April 2021, up 1.5 million square feet. Since March 2020, there have been 180 new subleases added to the market, creating a total of 248 subleases available.

In total, there is 3.9 million square feet of sublease supply on the market, according to the report. The supply has pushed sublease rates to $4.36, down year-over-year. The good news: the market share of sublease supply is declining from its peak in quarter 3 of 2020. In the first quarter, sublease space was 25% of the total office supply, down from approximately 26% in the third quarter 2020.

Small blocks of space account for the majority of the sublease supply. Of the 248 total available sublease units, 107 are less than 5,000 square feet, and 44 are 5,000 to 10,000 square feet. In the mid range, 77 spaces range from 10,000 to 50,000 square feet and only 20 spaces are greater than 50,000 square feet.