IT IS THE BEST OF TIMES and worst of times for commercial real estate and development in Silicon Valley, according to the newest quarterly report from economic think tank Joint Venture Silicon Valley.
The good news is Silicon Valley developers completed 5.6 million square feet of new office and industrial space in the first nine months of 2025, the fastest growth rate since 2021, according to the report. The bad news: Commercial footage under development fell to 4.5 million square feet, down 45% from the end of 2024 and down 79% from its most recent peak in 2021 — the lowest level since 2013.
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