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Silicon Valley full-year leasing volume reaches post-pandemic high
In Q4 2025, the Silicon Valley office market reported 1.5 million square feet (msf) of leasing activity, down from 2.3 msf in the prior quarter and 2.4 msf in the previous year. This decline stems largely from last quarter’s surge in top-heavy tech deals, when major tech tenants accounted for eight of the 10 largest transactions totaling 1.3 msf. Despite the softer fourth quarter, full-year leasing volume for 2025 reached 7.0 msf, the highest level post-pandemic and a 26.0% increase from 2024. Leasing momentum is anticipated to improve, supported by expansion plans from AI and tech tenants, with companies such as OpenAI reportedly approximately seeking up to 500,000 square feet (sf) in Mountain View.