MARKET TRENDS
- Deliveries totaled 0.2 million square feet (msf) in Q1 2026, while construction declined to 1.8 msf, down 0.9 msf year over year, reflecting a slower pace and a reduced pipeline.
- Vacancy ended Q1 2026 at 9.0%, up year over year. Net absorption reached 0.5 msf, driven by a 0.8 msf owner-user occupancy in the Mountain View Corridor West submarket.
- Asking rents increased to $0.81 per square foot (psf), up 5.7% year over year. Growth is being driven by newer, high quality product with rents expected to remain stable.