Market Trends
- Construction activity increased to 3.7 million square feet (msf) in Q3 2026, up 3.4 msf year over year, driven by a 607,330-square-foot speculative development in the Mountain View Corridor West submarket.
- Vacancy held steady at 8.8% in Q3 2026, down 50 basis points (bps) year over year. Year-to-date net absorption reached 1.2 msf, signaling improving market conditions.
- Monthly asking rents remained steady at $0.80 per square foot (psf), up 3.4% year over year. Increasing construction activity could limit further rent growth as new supply enters the market.