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San Antonio's office market in Q1 2026 maintained stability with overall vacancy steady at 16.0% and asking rents rising 3.4% year-over-year to $27.80 per square foot, while the region's unemployment stood at 4.1% with nearly 14,000 jobs added annually despite negative net absorption of 20,000 square feet in the quarter. Speculative office development remained paused with no new construction projects delivered or underway, reflecting elevated vacancy, moderate tenant demand, and elevated development costs and financing challenges.

Kidder Mathews' Q1 2026 Silicon Valley office market report shows leasing volume of 2.1 million square feet (down 48.2% year-over-year), a vacancy rate holding at 16.5%, and asking rents averaging $4.16 per square foot, with activity concentrated among large strategic tenants rather than broad-based recovery. The market saw office investment sales of 615,000 square feet across 11 transactions at $546.1 million total dollar volume, while availability tightened to 16.6%, and Santa Clara County's unemployment rate was 4.0% in December 2025.

This is a first-quarter 2026 office sector data report published by CBRE covering Sacramento, California.

This is a data report published by CBRE on March 31, 2026 presenting Q1 2026 research and development figures for Silicon Valley, covering the office and life-sciences sectors across San Jose, San Francisco, California, and national markets.

This is a quarterly data report published by CBRE on March 31, 2026 presenting office sector figures for the Inland Empire region in California for the first quarter of 2026.

This is a market report published by JLL in March 2026 covering office sector dynamics in Silicon Valley during the first quarter of 2026. The report covers geographic areas including San Jose, San Francisco, California, and national markets.

This is a quarterly market report on the Sacramento office sector published by Colliers in the first quarter of 2026. The report covers office market conditions in Sacramento, California.

This is a first-quarter 2026 office market data and figures report for Orlando, Florida published by CBRE on March 31, 2026.

This document is a landing page for Cushman & Wakefield's Silicon Valley MarketBeat reports covering Q1 2026 across office, industrial, retail, and R&D property sectors. The page presents first-quarter 2026 vacancy rates: office at 18.8%, industrial at 6.4%, retail at 4.9%, and R&D at 13.0%, along with links to detailed reports on each sector and related Bay Area life sciences and investment market data.

Sacramento's office market posted negative net absorption of 37,000 square feet in Q1 2026 as tenants continued rightsizing, with overall vacancy declining to 14.2% from 15.6% a year earlier and average asking rent at $2.15 per square foot. Major leasing activity included a 121,000-square-foot new lease by the Sacramento County District Attorney Downtown, while capital markets remained limited with seven transactions totaling $30.6 million at an average price of $103 per square foot, reflecting a shift toward higher-quality institutional assets.

This is a Q1 2026 office sector data report for San Antonio published by CBRE on March 31, 2026. The report presents figures and metrics related to the San Antonio office market.
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Orange County's office market totaled 1.3 million square feet in leasing activity during Q1 2026, with most deals in the 20,000 square feet range and activity concentrated in the Airport Area and Irvine Spectrum submarkets, representing leasing volumes aligned with historical first quarter averages of 1.0 to 1.3 million square feet over the prior three years. Tenant demand showed signs of stabilization as occupiers moved beyond a wait-and-see approach, with Irvine's return-to-office activity reaching a 70% recovery rate as of January 2026.

Cushman & Wakefield's Q1 2026 MarketBeat report examines the Inland Empire office market, which recorded an 8.9% overall vacancy rate, negative net absorption of 35,016 square feet year-to-date, and average asking rents of $2.25 per square foot on a full-service basis. Employment in the region grew modestly by 0.9% year-over-year to 1.7 million jobs, with job gains concentrated in healthcare and education while office-relevant sectors including professional and business services declined, and new leasing activity totaled 206,189 square feet across 107 transactions, down 43.6% year-over-year.

This is a data report published by CBRE on March 31, 2026 presenting office market figures for the first quarter of 2026, covering Silicon Valley and related geographies including San Jose, San Francisco, California, and national markets.

This is a market research report published by Colliers in Q4 2025 covering the research and development real estate sector in the San Jose-Silicon Valley area. The report addresses office and life-sciences sectors and includes geographic coverage of San Jose, California, the broader San Francisco region, and national context.

This is a market research report published by Colliers on December 31, 2025, covering the office sector in the San Jose-Silicon Valley area. The report addresses Q4 2025 data and includes geographic scope covering San Jose, California, and broader national markets.

The Inland Empire office market in 4Q 2025 showed a vacancy rate of 5.0%, down 15.25% year-over-year, with average asking rents at $2.04 per square foot monthly and average sales prices of $149.74 per square foot. Significant transactions included The Grove Business Park selling for $12.3 million and Victoria Commons for $12 million, while approximately 197,774 square feet remained under construction with expected deliveries through April 2026.
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Silicon Valley's office market recorded 1.5 million square feet of leasing activity in Q4 2025, declining from 2.3 million square feet in Q3 2025 due to a concentration of major tech deals in the prior quarter, though full-year 2025 leasing volume reached 7.0 million square feet, the highest post-pandemic level and a 26 percent increase from 2024. Future leasing momentum is expected to improve based on expansion plans from AI and tech tenants, including OpenAI's reported search for approximately 500,000 square feet in Mountain View.

San Antonio's office market recorded positive net absorption of 583,611 square feet in Q4 2025, with leasing activity up 34.4% quarterly and vacancy declining 90 basis points to 16.9%, while average full-service asking rents reached $27.94 per square foot, up 14.6% annually. The construction pipeline shrank 49% to 116,000 square feet under construction, deliveries increased 132% to 111,400 square feet, and cumulative 12-month investment sales volume totaled $71.2 million across 43 office property transactions.

Silicon Valley's office market recorded more than 481,000 square feet of positive net absorption in the third quarter of 2025, marking the fourth consecutive quarter of growth, while overall vacancy fell 170 basis points to 16.8%. Major transactions from Netflix and Databricks anchored leasing activity despite office-using employment continuing to decline due to ongoing cost optimization in the tech sector.

Sacramento's office market showed signs of stabilization in the second quarter with vacancy declining 20 basis points to 15.8%, down from 17.3% a year earlier. Year-over-year job growth has slowed to 0.8% as of May, with office-using employment near 2020 lows, though healthcare and government sectors remain relatively strong. Direct asking rents held steady at $2.12 per square foot full service per month.

In early 2026, Orange County's office market achieved a direct vacancy rate of 11.3%, representing a 3.8% year-over-year decrease below the national average, with 1.6 million square feet in leasing activity and 69,000 square feet of net absorption driven by strong tenant move-ins and constrained new supply. The market outlook remains cautiously optimistic, supported by 324,000 square feet under construction and 43,000 square feet recently delivered, with average asking rents at $2.86 per square foot on a full-service basis and demand expected to favor high-quality office space amid limited new construction and continued inventory reduction.

This is a first-quarter 2026 office sector market report published by CBRE covering the Puget Sound region, including Seattle and Washington State.

This is a data-figures report published by CBRE on March 31, 2026, presenting office sector figures for Washington DC in the first quarter of 2026.

The Seattle Suburban office market in Q1 2026 experienced rising vacancy at 23.9% and negative net absorption of 79,000 square feet, with overall asking rents declining 2.3% year-over-year to $35.30 per square foot. The market outlook indicates vacancy is expected to remain elevated through 2026 with continued downward rent pressure, though gradual stabilization may emerge in late 2026 into 2027 as new deliveries remain absent and employment growth continues slowly.

This is a market report published by JLL in March 2026 covering office sector dynamics in Orange County, California during the first quarter of 2026.

Downtown Seattle's office market reached 36.5% vacancy in Q1 2026, up 350 basis points year-over-year, with notable departures by Meta, Perkins Coie, and Amazon totaling over 520,000 square feet, while average asking rent rose 1.9% to $47.63 per square foot despite continued high vacancy. Leasing activity improved 36.7% to 452,000 square feet in Q1, but no office buildings sold downtown in the quarter, and the construction pipeline remains dormant with no deliveries scheduled.

This is a Q1 2026 office market report for Washington, D.C. published by Cushman & Wakefield on March 31, 2026. The report covers commercial office sector conditions in the Washington, D.C. market and includes national context.

This is a Q1 2026 office sector data report published by CBRE covering Orange County, California and related markets. The report presents figures and metrics for the office real estate sector as of the first quarter of 2026.

Orange County's office vacancy rate stood at 14.4% in Q2 2026, up 10 basis points quarter-over-quarter but down 340 basis points year-over-year. Industrial vacancy climbed to 5.1% in Q1 2026, rising 60 basis points quarter-over-quarter and 110 basis points year-over-year, while retail vacancy increased to 4.9% in Q1 2026, up 50 basis points quarter-over-quarter and 40 basis points year-over-year.

This is a data report published by CBRE on March 31, 2026, presenting office sector figures for San Diego in the first quarter of 2026.

This is a data report published by CBRE in March 2026 presenting office sector figures for Philadelphia in the first quarter of 2026. The report covers the Philadelphia office market with reference to national data.

The Q1 2026 Cushman & Wakefield MarketBeat report analyzes the suburban Philadelphia office market, finding a diverged market with the Schuylkill Corridor maintaining tight 11.4% direct vacancy while Primary and Secondary markets remained above 20.5%, and documenting 248.6K square feet of negative year-to-date net absorption against an overall 22.0% vacancy rate and asking rent of $28.33 per square foot. Key lease transactions included Saint-Gobain Corporation's 321,226 square foot renewal at 20 Moores Road in the Southern Route 202 Corridor, and the report identified over 1.7 million square feet of financially distressed assets representing 14.4% of all suburban vacant space.

The Seattle office market in first quarter 2026 experienced significant labor market deterioration, with the regional unemployment rate rising to 5.4% in February 2026 from 4.3% a year prior, driven by 3,420 WARN-noticed layoffs led by Amazon's 2,387 cuts, while office investment activity recovered with $245.6 million in sales across 11 properties at a 7.1% cap rate. For the first time in the recovery cycle, both vacancy and availability declined concurrently by approximately 90 basis points quarter-over-quarter, reaching 23.2% and 26.7% respectively, with the region posting 253,352 square feet of positive net absorption in Q1 2026—the first positive quarter since Q1 2022—though this improvement was tempered by continued tech sector job losses threatening near-term office demand.

Cushman & Wakefield's San Diego Office MarketBeat Q1 2026 report documents office market conditions showing a vacancy rate of 15.4% (up 140 basis points year-over-year) and an overall asking rent of $3.48 per square foot, with negative net absorption of 335,000 square feet driven by Class A space losses in Central County submarkets. San Diego's employment grew 0.7% year-over-year to 1.6 million jobs through January 2026, with projected growth of only 1.0% in 2026 and 0.8% in 2027—both below the five-year historical average—indicating continued pressure on office demand amid modest hiring concentrated outside core office-using sectors.

The Seattle office market in Q1 2026 posted a 23.1% vacancy rate for the overall Puget Sound region, with Seattle proper at 28.0%, showing deceleration in vacancy growth after years of sharp increases and modest signs of stabilization. Net absorption remained negative at -486,708 SF regionally, though at an improving pace compared to prior years, while construction activity contracted to historic lows of 63,527 SF under construction, and average asking rents edged up modestly to $32.95 PSF as investment transactions continued at approximately $310 million across 33 deals.

The San Diego office market in first quarter 2026 experienced a 16.2% year-over-year decline in leasing activity to 1.0 million square feet while vacancy remained essentially flat at 13.6%, though availability rose to 17.1% indicating growing marketed space. Sales volume increased substantially by 186.4% year-over-year to 2.3 million square feet with average pricing normalized to $215.21 per square foot compared to $462.67 in the prior year quarter, and the near-term outlook expects continued uneven conditions as occupiers prioritize higher-quality space while investment activity focuses on discounted urban and value-add suburban assets.

Philadelphia's Central Business District office market showed a 20.4% vacancy rate and negative year-to-date net absorption of 273,087 square feet in Q1 2026, with leasing dominated by renewals (235,000 sf) over new leasing (120,000 sf), reflecting tenant preference for right-sizing in higher-quality space. Trophy assets demonstrated pricing resilience with asking rents $10–$18 per square foot above Class A properties and vacancy below 10%, while Class A and Class A- segments faced persistent headwinds from distressed properties and over 300,000 square feet of newly identified conversion candidates.

This is a Q1 2026 data and figures report published by CBRE on March 31, 2026, covering the office sector in Northern Virginia and Washington DC.

Greater Philadelphia's office market ended 2025 with vacancy at 21.8% after rising 150 basis points year-over-year, though net absorption improved to only slightly negative as leasing momentum increased. Class A rents grew 4.2% annually driven by trophy asset demand, while sublease availability stabilized and asking rents recorded three consecutive quarters of gains.

This is a market report published by Colliers in Q4 2025 covering the office sector in Orange County, California and surrounding national markets. The report provides research and analysis on office real estate conditions and trends for the fourth quarter of 2025.

Newmark's Denver Office Market Overview for first quarter 2026 documents negative net absorption of 249,270 square feet and a vacancy rate of 31.1 percent, though this represents improvement from prior-year declines, while leasing activity surged 43.5 percent sequentially to 2.1 million square feet as median asking rents held relatively stable at $32.15 per square foot. Office-using employment sectors contracted year-over-year amid an unemployment rate of 4.2 percent, though the University of Colorado projects economic headwinds will ease in 2026 to improve hiring and employment growth.

Miami's office market recorded 918,000 square feet of total leased space in Q1 2026, with tech occupiers accounting for 37% of leasing activity and FIRE tenants representing 20%, while the market achieved $523.3 million in sales volume—the highest first-quarter total in over a decade—driven by major transactions including Goldman Properties and Citadel's acquisition of 545 Wyn and Mana Group's purchase of One Downtown. Miami's office utilization stood at 75.1% in February 2026 compared to February 2019, outperforming primary national markets, with overall market vacancy at 13.7% and positive net absorption of 96,265 square feet for the quarter.

This is a data and figures report published by CBRE on March 31, 2026, presenting office sector market data for Phoenix, Arizona in the first quarter of 2026.

This is a Q1 2026 market report published by CBRE presenting data and figures on the office sector in Miami, Florida. The report appears to cover office market metrics for the Miami market as of March 2026.

This is a market report published by JLL on March 31, 2026, covering office sector dynamics in Phoenix, Arizona for the first quarter of 2026.

The Phoenix office market recorded negative direct net absorption of 267,340 square feet in the first quarter of 2026, with total leasing activity of 1.4 million square feet and a decline in vacancy rates to 24.0 percent year-over-year, while average direct asking rents rose 2 percent to $31.45 per square foot. The market continues to experience tenant downsizing driven by hybrid work trends, with demand shifting toward move-in-ready spec suites and Class A buildings offering enhanced amenities such as collaborative spaces and on-site services.

This is a data and figures report published by CBRE on March 31, 2026, presenting office market metrics for downtown Boston in the first quarter of 2026.

This is a first-quarter 2026 market data report from CBRE covering the office sector in the Boston suburban area.

During Q1 2026, multifamily net absorption in Phoenix reached 6,261 units, representing the strongest quarterly performance in at least the last 26 years. The total overall vacancy in the metro Phoenix retail market was 5.0% during the first quarter of 2026.

Greater Boston's office market posted negative net absorption of nearly 140,000 square feet in the first quarter of 2026, pushing the vacancy rate to a historic high of 23.2 percent. Class A assets posted positive absorption for the second consecutive quarter, while Class B properties logged their eleventh consecutive quarter of negative absorption. Development has slowed sharply, with new office construction falling to a 15-year low, and only one project remaining underway in the region.

Miami's office market in Q1 2026 recorded a 15.1% overall vacancy rate with asking rents at $65.22 per square foot, driven by modest leasing activity of 288,000 square feet (down 54.3% year-over-year) and ongoing flight-to-quality demand favoring Class A space, while the market maintains a 490,000-square-foot construction pipeline that is only 20% preleased. Class A rents reached $71.59 per square foot (up 4.8% year-over-year) and Class B rents rose to $54.40 per square foot (up 3.9% year-over-year), with Coral Gables leading submarket rent growth at 13.9% annually to $62.17 per square foot.

This is a market report published by Colliers in March 2026 covering the office sector in Atlanta and broader national markets for the first quarter of 2026.

This is a data and figures report published by CBRE on March 31, 2026, presenting first-quarter 2026 office market metrics for the Denver Southeast submarket in Colorado.

This is a market report published by Colliers in Q1 2026 covering the office sector in Miami-Dade County, Florida.

This is a first-quarter 2026 market data report on downtown Denver office sector figures published by CBRE.

This is a Q1 2026 office sector data report published by CBRE on March 31, 2026, covering Atlanta office market figures. The report includes national classification context alongside Atlanta and Georgia geographic data.

Atlanta Metro recorded 2.6 million square feet of leasing activity in Q1 2026, up 3.3% year-over-year, with the overall vacancy rate declining 50 basis points to 26.5% as demand strengthened amid employer shifts toward in-office work requirements and early lease commitments. Asking rents increased 4.6% year-over-year to $33.09 per square foot, the second consecutive quarter of at least 4% annual growth, while Central Perimeter led leasing volume with a 70.6% increase and net absorption reached 487,222 square feet, the largest quarterly total since Q3 2022.

This is a data figures report published by CBRE on March 31, 2026, presenting office sector statistics for Denver, Colorado in the first quarter of 2026.

Atlanta's office market recorded 1.6 million square feet of new leasing activity in Q1 2026, with suburban submarkets accounting for nearly 73% of volume, while overall vacancy declined to 25.0% and asking rents averaged $33.26 per square foot. Georgia's economic growth, driven by major corporate announcements including UCB's $2 billion manufacturing commitment and Yamaha Motor's U.S. headquarters relocation to Atlanta, supported stable leasing demand and positive net absorption of 109,364 square feet in the quarter.