Silicon Valley Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Kidder Mathews, Newmark, CBRE
Quarterly office market indicators for Silicon Valley, aggregated by CREhunt from Cushman & Wakefield, Kidder Mathews, Newmark, CBRE. As of Q2 2026, average asking rent was $62.64/SF/yr and vacancy was 18.2%, per Cushman & Wakefield.
Projected current office pricing — Silicon Valley
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Silicon Valley office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 multiple brokerages asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $62.64/SF/yr | 18.2% | — | — | Cushman & Wakefield |
| Q2 2026 Kidder Mathews | $59.88/SF/yr | 16.0% | 863K SF | 1.1M SF | Kidder Mathews |
| Q1 2026 Cushman & Wakefield | $61.80/SF/yr | 18.8% | 321K SF | — | Cushman & Wakefield |
| Q4 2025 Newmark | — | — | 2.4M SF | — | Newmark |
| Q3 2025 Newmark | — | 16.8% | 2.2M SF | — | Newmark |
| Q2 2025 Newmark | — | — | 1.0M SF | — | Newmark |
| Q1 2025 Newmark | — | — | 1.1M SF | — | Newmark |
| Q4 2024 Newmark | $5.00/SF/yr | — | 1.1M SF | — | Newmark |
| Q4 2024 Cushman & Wakefield | $55.20/SF/yr | — | -3K SF | — | Cushman & Wakefield |
| Q3 2024 Newmark | $5.05/SF/yr | — | — | — | Newmark |
| Q2 2024 Newmark | $5.10/SF/yr | — | — | — | Newmark |
| Q1 2024 Newmark | $5.10/SF/yr | — | — | — | Newmark |
| Q4 2023 Newmark | $5.01/SF/yr | — | — | — | Newmark |
| Q3 2023 Newmark | $5.01/SF/yr | — | — | — | Newmark |
| Q2 2023 Newmark | $59.28/SF/yr | — | — | — | Newmark |
| Q1 2023 Newmark | $59.52/SF/yr | — | — | 4 SF | Newmark |
| Q4 2022 CBRE | $67.80/SF/yr | 14.1% | — | — | CBRE |
| Q4 2022 Newmark | $56.52/SF/yr | — | — | 3.0M SF | Newmark |
| Q3 2022 Newmark | $59.64/SF/yr | — | -1.2M SF | 4 SF | Newmark |
| Q2 2022 Newmark | $5.05/SF/yr | — | — | 1 SF | Newmark |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Silicon Valley office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Alameda/Civic Center | $2.59/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Campbell | $4.20/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Cupertino | $5.30/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Downtown San Jose | $4.30/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Fremont | $3.20/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Los Altos | $5.14/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Los Gatos/Saratoga | $4.01/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Menlo Park | $8.38/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Milpitas | $2.78/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Mountain View | $6.83/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Newark | $2.69/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| North San Jose | $3.99/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Palo Alto | $7.48/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| San Jose | $4.02/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| San Jose Airport | $4.10/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Santa Clara | $4.56/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| South San Jose | $2.71/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Sunnyvale | $5.75/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| West San Jose | $3.53/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Silicon Valley office did not fully agree. On vacancy, the sources span 2.2 points — from 16.0% (Kidder Mathews) to 18.2% (Cushman & Wakefield). Asking-rent estimates differ by $2.76/SF/yr — from $59.88/SF/yr to $62.64/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Kidder Mathews | 16.0% | $59.88/SF/yr | — |
| Cushman & Wakefield | 18.2% | $62.64/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Silicon Valley?
- As of Q2 2026, the average asking rent for office space in Silicon Valley was $62.64/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Silicon Valley?
- The office vacancy rate in Silicon Valley was 18.2% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Silicon Valley market data come from?
- This report aggregates quarterly office market data for Silicon Valley from Cushman & Wakefield, Kidder Mathews, Newmark, CBRE.
- How much do brokerage estimates differ for office space in Silicon Valley?
- For Q2 2026, the brokerage sources CREhunt aggregates for Silicon Valley did not fully agree. On vacancy, the sources span 2.2 points — from 16.0% (Kidder Mathews) to 18.2% (Cushman & Wakefield). Asking-rent estimates differ by $2.76/SF/yr — from $59.88/SF/yr to $62.64/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.