.jpg "Image treatment")
Market Highlights
- Vacancy increased 210 basis points (bps) from Q4 2024 to 24.3%, driven by a rise in direct vacancy to 20.1%. Sublease vacancy edged down to 4.2%, marking its lowest level since Q4 2024.
- Construction activity continues to decline, with the largest remaining project under development being Intuitive’s 847,000-square-foot (sf) Surgical Campus in Sunnyvale, which is expected to deliver to the market in early 2026.
- Venture capital funding increased, marking its strongest year since 2022. A total of $13.5 billion was raised, representing an increase of 43.9% from the $9.4 billion raised in 2023.