Silicon Valley Industrial Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Kidder Mathews, Colliers, Newmark, CBRE
Quarterly industrial market indicators for Silicon Valley, aggregated by CREhunt from Cushman & Wakefield, Kidder Mathews, Colliers, Newmark, CBRE. As of Q2 2026, average asking rent was $19.56/SF/yr and vacancy was 6.4%, per Cushman & Wakefield.
Projected current industrial pricing — Silicon Valley
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Silicon Valley industrial yet, so this applies the typical cap rate across comparable industrial markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 multiple brokerages asking-rent data (benchmark cap rate 5.5%–7.5%, asking rent trend-adjusted to today). Assumes ~92% occupancy (vacancy not reported) and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $19.56/SF/yr | 6.4% | 650K SF | — | Cushman & Wakefield |
| Q2 2026 Kidder Mathews | $20.04/SF/yr | 7.5% | -39K SF | 0 SF | Kidder Mathews |
| Q1 2026 Colliers | $5.42/SF/yr | 6.5% | 174 SF | — | Colliers |
| Q1 2026 Cushman & Wakefield | $19.68/SF/yr | 6.4% | — | — | Cushman & Wakefield |
| Q4 2025 Cushman & Wakefield | $20.04/SF/yr | 6.5% | — | — | Cushman & Wakefield |
| Q4 2025 Newmark | — | — | 2.1M SF | — | Newmark |
| Q3 2025 Cushman & Wakefield | $19.20/SF/yr | 5.8% | — | — | Cushman & Wakefield |
| Q2 2025 Newmark | — | — | — | — | Newmark |
| Q2 2025 Cushman & Wakefield | $19.20/SF/yr | 5.8% | -106K SF | — | Cushman & Wakefield |
| Q1 2025 Newmark | — | — | — | — | Newmark |
| Q1 2023 Newmark | $14.88/SF/yr | 16.4% | -657K SF | — | Newmark |
| Q4 2022 Newmark | $17.28/SF/yr | 16.4% | — | — | Newmark |
| Q2 2022 Newmark | $16.08/SF/yr | — | 1.6M SF | — | Newmark |
| Q3 2019 CBRE | $21.86/SF/yr | 22.2% | — | — | CBRE |
| Q3 2017 Cushman & Wakefield | $6.80/SF/yr | 2.0% | 140.2M SF | — | Cushman & Wakefield |
Industrial asking rents by submarket
The newest asking rent a named brokerage's report published for each Silicon Valley industrial submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| 101 Technology Corridor | $3.00/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Campbell | $1.90/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Central Silicon Valley | $1.79/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Fremont | $2.78/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Milpitas | $1.86/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Morgan Hill/Gilroy | $1.41/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Mountain View | $2.92/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Newark | $1.22/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Palo Alto | $2.03/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| San Jose | $1.68/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Santa Clara | $1.73/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| South I-880 Corridor | $1.53/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South San Jose | $2.00/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Sunnyvale | $2.84/SF/mo Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Silicon Valley industrial did not fully agree. On vacancy, the sources span 1.1 points — from 6.4% (Cushman & Wakefield) to 7.5% (Kidder Mathews). Asking-rent estimates differ by $0.48/SF/yr — from $19.56/SF/yr to $20.04/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Kidder Mathews | 7.5% | $20.04/SF/yr | — |
| Cushman & Wakefield | 6.4% | $19.56/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for industrial space in Silicon Valley?
- As of Q2 2026, the average asking rent for industrial space in Silicon Valley was $19.56/SF/yr, per Cushman & Wakefield.
- What is the industrial vacancy rate in Silicon Valley?
- The industrial vacancy rate in Silicon Valley was 6.4% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Silicon Valley market data come from?
- This report aggregates quarterly industrial market data for Silicon Valley from Cushman & Wakefield, Kidder Mathews, Colliers, Newmark, CBRE.
- How much do brokerage estimates differ for industrial space in Silicon Valley?
- For Q2 2026, the brokerage sources CREhunt aggregates for Silicon Valley did not fully agree. On vacancy, the sources span 1.1 points — from 6.4% (Cushman & Wakefield) to 7.5% (Kidder Mathews). Asking-rent estimates differ by $0.48/SF/yr — from $19.56/SF/yr to $20.04/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.