TAKEAWAYS
- Meta, the tech titan formerly known as Facebook, leased 707,326 square feet (sf) across 1275-1395 Crossman Avenue, previously the NetApp headquarters.
- Silicon Valley availability has steadily climbed from 14.4% at the start of the pandemic to 20.9% as of Q4 2021, holding flat for the first time through the pandemic quarter over quarter.
- Availability was held steady by leasing picking up to a high point in the last two years of 2.0 million square feet (msf) in Q4, up from 0.9 msf the prior quarter – greatly helped by the Meta transactions.
- The pickup in demand is likely a sign that tenants are more confident making long-term real estate decisions and ultimately return-to-office plans, even as hybrid work styles are likely to continue.