Big San Jose apartment complex lands buyer for nearly $197 million

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SAN JOSE — Silicon Valley tech firms have buoyed an office market rebound in the Bay Area and nationwide, a trend that points to a commercial real estate recovery from coronavirus-linked maladies, a new report shows.

Office leasing activity in both Silicon Valley and San Francisco has soared during the first nine months of 2021 compared with the same period in 2020 and is rising far more quickly than what’s the case for office leasing nationwide, reported researchers with CBRE, a commercial real estate firm.

The evidence of a tech-led office rebound is contained in the annual Tech-30 report issued by CBRE.

“Bay Area companies are ramping up their office leasing both locally and nationally to accommodate an increase in hiring,” said Colin Yasukochi, executive director of the tech insights center at CBRE.

Elevated view and rooftop deck at 700 Santana Row, a new office building totaling 301,000 square feet in San Jose’s Santana Row complex, concept. ( WRNS Studio )

In Silicon Valley, defined as Santa Clara County and San Mateo County office leasing activity over the first nine months of 2021 soared 44% higher compared with the same period in 2020, CBRE’s research determined.

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