Tech giants re-engage in large-block leasing activity

As new work styles are being incorporated in a post-pandemic reality, many tech companies are focused on the importance of both work-from-home flexibility and in-office collaboration. With vaccination more widespread, the return-to-office has spurred leasing activity in the second quarter. In May, Apple leased enough Sunnyvale space for 3,000 workers in the largest South Bay office deal of the COVID era. This involved a mega-expansion encompassing six buildings and a total of 701,000 square feet (sf) of office space in Peery Park. Additionally, NetApp moved its global headquarters from a six-building campus in Sunnyvale to a single building in the heart of Santana Row. NetApp leased 301,000 sf of office space at 700 Santana Row, a move driven by consolidation paired with improved amenities. With 1.2 million square feet (msf) leased this quarter, activity nearly tripled from Q1.

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