The Greater Bay Area is experiencing the rapid growth, with office rents in Silicon Valley and San Francisco growing 14.1 percent and 12.9 percent annually since 2010.
Over the past 24 months in particular, the San Francisco Mid-Peninsula has seen 2.1M SF of positive occupancy gains and 14.8 percent rent growth. The reason for this growth, JLL Research says, is because the Mid-Peninsula provides alternatives for tenants seeking quality product.
The Mid-Peninsula was also a huge site of tenant migrations from neighboring markets, with at least 500k SF of migration leasing activity.
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