房地产 -2025年第四季度硅谷办公室掠影 Silicon Valley Office Snapshot Q4 2025

SNAPSHOT|SILICONVALLEYOFFICE|Q42025

508K

NetAbsorptionSq.Ft.

16.1%

VacancyRate

Note:Arrowsindicatechangefrompreviousquarter.

242K

DeliveriesYTDSq.Ft.

0K

UnderConstructionSq.Ft.

CBRE

$5.60

AverageAskingRate$/SF(FSG)

Figure1:SubmarketStatistics

Submarket

NetRentableArea

TotalVacancy%

TotalVacantSF

TotalAvailability%

Total DirectAvailable

TotalSublease

Available

AverageAsking Rate($/SF)

Current GrossAbsorption

Current

NetAbsorption

YTD NetAbsorption

SanJose-DowntownCBD

10,116,099

32.2

3,254,887

32.9

3,163,313

163,236

4.38

98,894

(15,222)

94,703

ClassA

5,876,185

35.1

2,062,822

35.2

1,929,951

136,442

4.62

69,393

342

142,740

ClassB

3,767,829

28.3

1,066,205

30.1

1,107,502

26,794

4.21

27,471

(15,564)

(48,037)

ClassC

472,085

26.7

125,860

26.7

125,860

-

2.54

2,030

-

-

SanJose-Central2,769,74817.3477,79217.6487,4771,1052.564,178(22,937)232,208

ClassA231,579--------231,579

ClassB1,430,10425.4362,96525.8369,269-2.812,078(19,792)(25,791)

ClassC1,108,06510.4114,82710.8118,2081,1052.172,100(3,145)26,420

SanJose-North15,172,84117.42,639,18820.22,484,286578,2264.20181,608(14,238)159,058

ClassA

9,242,915

15.0

1,388,878

19.21,339,623433,0414.8749,61718,693199,060

ClassB

4,997,642

23.9

1,196,096

24.71,090,449145,1853.43128,236(30,275)(27,188)

ClassC

932,284

5.8

54,214

5.854,214-2.883,755(2,656)(12,814)

SanJose-South2,696,1355.3143,9495.7136,93715,6002.72813(7,738)(26,579)

ClassA

440,838

-

-

-

-

-

-

-

-

-

ClassB

1,544,506

6.3

97,412

6.5

84,342

15,600

2.59

813

(7,738)

(25,548)

ClassC

710,791

6.5

46,537

7.4

52,595

-

2.92

-

-

(1,031)

WestValley6,622,32519.01,258,85523.41,247,785301,1914.4376,88512,870137,587

ClassA

2,681,280

16.6

444,037

26.2

444,020

257,948

5.29

29,021

6,156

135,495

ClassB

2,438,265

29.5

719,434

30.5

699,557

43,243

4.12

41,888

7,186

12,665

ClassC

1,502,780

6.3

95,384

6.9

104,208

-

3.28

5,976

(472)

(10,573)

IBP/Milpitas2,426,8296.4154,9186.4154,918-2.5317,24110,05712,733

ClassA----------

ClassB1,874,7086.9129,8846.9129,884-2.5610,8157,30022,600

ClassC552,1214.5125,8604.525,034-1.956,4262,757(9,867)

Cupertino7,187,3062.6188,6412.7175,15720,7444.67261,267(474)21,378

ClassA

5,641,006

0.3

16,674

0.4

17,084

6,850

6.29

260,000

-

8,253

ClassB

1,524,712

11.1

168,830

11.1

154,936

13,894

4.43

1,267

(474)

13,125

ClassC

21,588

14.5

3,137

14.5

3,137

-

4.25

-

-

-

SantaClara15,497,44614.72,272,53517.72,025,536711,1634.73149,716(24,467)620,488

ClassA12,090,56314.91,803,41017.71,472,020672,6015.3469,200(29,643)596,745

ClassB2,695,15115.4415,04018.7479,35425,6393.5379,18116,76443,313

ClassC711,7327.654,08512.274,16212,9232.811,335(11,588)(19,570)

Sunnyvale21,995,45912.52,755,97612.62,702,49367,0316.49539,706450,0591,035,786

ClassA

20,256,503

12.2

2,478,849

12.3

2,422,234

65,899

6.75

526,114

440,381

949,442

ClassB

1,253,196

19.9

248,822

20.2

253,086

-

4.77

13,592

9,678

86,344

ClassC

485,760

5.8

28,305

5.8

27,173

1,132

3.58

-

-

-

MountainView/LosAltos12,235,85018.72,290,36624.32,565,202402,0987.94139,978(41,350)79,446

ClassA

9,186,094

18.0

1,653,240

24.0

1,833,377

374,736

8.40

86,334

23,553

70,115

ClassB

2,835,991

21.6

613,391

25.9

709,620

25,832

6.95

53,644

(70,303)

2,638

ClassC

213,765

11.1

23,735

11.1

22,205

1,530

4.73

-

5,400

6,693

PaloAlto7,975,87917.21,374,06220.31,435,638187,1149.14236,859151,248490,439

ClassA

4,604,799

20.5

945,965

24.6

964,193

170,112

10.10

59,543

33,908

265,668

ClassB

3,125,212

13.6

425,137

15.3

464,205

14,042

7.21

177,316

117,340

219,946

ClassC

245,868

1.2

2,960

4.1

7,240

2,960

5.79

-

-

4,825

Fremont/Newark2,457,11918.4451,46918.5454,585-2.9425,56910,605(6,444)

ClassA

325,310

58.4

190,031

58.4

190,031

-

3.18

12,879

-

10,104

ClassB

1,516,917

16.2

246,291

16.4

249,407

-

2.94

12,690

10,605

(16,548)

ClassC

614,892

2.5

15,147

2.5

15,147

-

2.32

-

-

-

SiliconValley107,153,03616.117,262,63818.217,033,3272,447,5085.601,732,714508,4132,850,803

ClassA

70,577,072

15.6

10,983,906

18.010,612,5332,117,6296.53

1,162,101

493,390

2,609,201

ClassB

29,004,233

19.6

5,689,507

21.05,791,611310,2294.39

548,991

24,727

257,519

ClassC

7,571,731

7.8

589,225

8.6629,18319,6502.95

21,622

(9,704)

(15,917)

1Confidential&Proprietary|©2026CBRE,Inc.Source:CBREResearch,Q42025

2Confidential&Proprietary|©2026CBRE,Inc.Source:CBREResearch,Q42025

SNAPSHOT|SILICONVALLEYOFFICE|Q42025CBRE

Figure2:SignificantLeaseTransactionsoftheQuarter

Lessee

Address

City

TotalSF

Class

LeaseType

Confidential

250WWashingtonAve

Sunnyvale

140,623

A

Expansion

xAI

1510PageMillRd

PaloAlto

103,378

B

NewLease

Confidential

250WWashingtonAve

Sunnyvale

45,666

A

Expansion

CoreWeave

100MathildaPl

Sunnyvale

39,314

A

NewLease

Frank,Rimerman+Co.

60SMarketSt

SanJose

34,882

A

Renewal

ID.me

599CastroSt

MountainView

31,571

A

NewLease

UniphoreTechnologies

1001PageMill

PaloAlto

26,661

A

NewLease

AchronixSemiconductorCorp.

2903BunkerHill

SantaClara

24,924

B

Renewal

AdobeServices

1600TechnologyDr

SanJose

21,407

A

NewLease

Accenture

2440WElCamino

MountainView

20,344

A

Renewal

Figure3:SignificantSaleTransactionsoftheQuarter

Buyer

Address

CityTotalSF

SalePrice

$/SF

ClassSaleType

SouthBayDevelopment*

300ETasmanDr

SanJose247,153

$23.5M

$95

AInvestor

BrookfieldPropertiesDevelopment*

3440WalnutAve

Fremont203,405

$65.0M

$320

BInvestor

LBARealty*

2800-2830DeLaCruzBlvd

SantaClara108,215

$19.7M

$182

BInvestor

BridgetonHoldings

260SheridanAve

PaloAlto47,768

$17.0M

$356

BInvestor

ElCaminoHospital

399WElCaminoReal

MountainView32,048

$22.0M

$686

BUser

*Partofalargerportfoliosale

Figure4:AverageAskingRates(FSG)

ClassAClassBClassC

$7.00

$6.53

$6.00

$5.00

$4.39

$4.00

$2.95

$3.00

$2.00

$1.00

20152016201720182019202020212022202320242025

Figure5:NetAbsorption&Vacancy

Millions

5.0

4.0

3.0

2.0

1.0

0.0(1.0)

(2.0)

(3.0)

(4.0)

20.0%

18.0%

16.1%16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

2.9M

NetAbsorption(MSF)Vacancy

20152016201720182019202020212022202320242025

3Confidential&Proprietary|©2026CBRE,Inc.Source:CBREResearch,Q42025

SNAPSHOT|SILICONVALLEYOFFICE|Q42025CBRE

Figure6:RegionalMap

SuzyMalburg

ColeBryant

RebeccaSchmid

GiovanniGiannotta

SiliconValleyOffice

ResearchAnalyst

ResearchAnalyst

SeniorResearchAnalyst

ResearchManager

225W.SantaClaraStreet

Suzy.Malburg@

Cole.Bryant@

Rebecca.Schmid@

/p>

Giovanni.Giannotta@

12thFloor

SanJose,CA95113

DEFINITIONSANDMETHODS

SURVEYCRITERIA

AverageAskingRateDirectMonthlyLeaseRates.,Full-ServiceGross(FSG).AvailabilityAllexistingspacebeingmarketedforlease.TotalVacancyRateDirectVacancy+SubleaseVacancy.

Duringthefirstquarterof2025,arevisiontoourcalculationmethodologieswasimplemented,leadingtoa

significantshiftinourresultsonaquarter-over-quarterbasis.This