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Market Report

San Jose Office Market Report

2Q 2022

Core Demand From Tech Firms Pulling in Ancillary
Companies as Market Begins to Turn Corner

Smart device industry aids offices. After getting off to a slow start in the opening quarter of 2022, when omicron concerns dragged down absorption, recent new lease signings signal improvements ahead. Apple is committing to more space in Sunnyvale, drawing companies in related industries to the surrounding areas. While the technology giant is still maintaining a flexible remote work policy, firms integral to the development of smart phones and other devices are demonstrating a clear value in having a close physical presence. Semiconductor provider Applied Materials is moving into 246,000 square feet in Santa Clara later this year, with flash memory hardware developer Pure Storage, Inc. leasing 223,000 square feet nearby. Silicon design firm Synopsys will also occupy 152,000 square feet in Sunnyvale in the winter. These decisions add further momentum to some of the metro's better performing submarkets.

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