Silicon Valley Retail Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Kidder Mathews
Quarterly retail market indicators for Silicon Valley, aggregated by CREhunt from Cushman & Wakefield, Kidder Mathews. As of Q2 2026, average asking rent was $32.46/SF/yr and vacancy was 4.9%, per Cushman & Wakefield.
Projected current retail pricing — Silicon Valley
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Silicon Valley retail yet, so this applies the typical cap rate across comparable retail 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 6.1%–7.2%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 65–82% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $32.46/SF/yr | 4.9% | — | — | Cushman & Wakefield |
| Q2 2026 Kidder Mathews | — | 3.0% | 524K SF | 0 SF | Kidder Mathews |
| Q1 2026 Cushman & Wakefield | $31.70/SF/yr | 4.9% | 151K SF | 2 SF | Cushman & Wakefield |
| Q4 2025 Cushman & Wakefield | $31.70/SF/yr | 5.2% | 85K SF | — | Cushman & Wakefield |
| Q2 2025 Cushman & Wakefield | $33.77/SF/yr | 5.2% | 226K SF | — | Cushman & Wakefield |
| Q3 2024 Cushman & Wakefield | $37.71/SF/yr | 5.0% | — | — | Cushman & Wakefield |
Retail asking rents by submarket
The newest asking rent a named brokerage's report published for each Silicon Valley retail 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 |
|---|---|---|
| Milpitas/North San Jose | $44.76/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Morgan Hill/Gilroy | $21.22/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Palo Alto/Mountain View/Los Altos | $25.09/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| San Jose (DT/South)/Campbell/Los Gatos | $35.70/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Santa Clara | $47.16/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Sunnyvale/Cupertino | $39.22/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Silicon Valley retail did not fully agree. On vacancy, the sources span 1.9 points — from 3.0% (Kidder Mathews) to 4.9% (Cushman & Wakefield). CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Kidder Mathews | 3.0% | — | — |
| Cushman & Wakefield | 4.9% | $32.46/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for retail space in Silicon Valley?
- As of Q2 2026, the average asking rent for retail space in Silicon Valley was $32.46/SF/yr, per Cushman & Wakefield.
- What is the retail vacancy rate in Silicon Valley?
- The retail vacancy rate in Silicon Valley was 4.9% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Silicon Valley market data come from?
- This report aggregates quarterly retail market data for Silicon Valley from Cushman & Wakefield, Kidder Mathews.
- How much do brokerage estimates differ for retail space in Silicon Valley?
- For Q2 2026, the brokerage sources CREhunt aggregates for Silicon Valley did not fully agree. On vacancy, the sources span 1.9 points — from 3.0% (Kidder Mathews) to 4.9% (Cushman & Wakefield). CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.