Q1 2026 - Office vacancies have climbed above dot-com-era highs, asking rents continue to decline across all major space types, and commercial development has slowed to its lowest level in over a decade. At the same time, leasing activity is on track to record its highest volume since 2022, driven by expansion in research and development and flex space.
Joint Venture’s Q1 2026 market update — released in partnership with JLL Silicon Valley — breaks down the latest trends shaping Silicon Valley’s commercial real estate landscape, including vacancies, rents, leasing activity, and development.
