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Leasing activity remains the second-highest since the pandemic
In Q3 2025, the Silicon Valley office market reported 2.3 million square feet (msf) of leasing activity, up from 2.0 msf reported in the previous quarter and 1.7 msf a year ago, bringing the total leasing volume for the first three quarters of 2025 to 5.5 msf. Leasing activity in Q3 2025 also surpassed the 5-year quarterly average of 1.2 msf, indicating an increase in office space demand despite Silicon Valley’s return-to-office rates continuing to lag behind the national average.