Silicon Valley 3rd Quarter Market Office Beat

October 1, 2014 by Sethena Leiker Senior Analyst, Silicon Valley Economic Overview The Silicon Valley benefited from steady employment gains through the third quarter, further strengthening the local economy. The tech sector continued to fuel the local expanding employment base by adding 10,700 jobs over the last year, 2,100 added during the third quarter according to Moody’s Analytics. The manufacturing industry added jobs, albeit at a much slower clip: the employment base expanded by 2.7% over the last year, representing 4,200 new jobs. New Development Secures Largest Leases The Silicon Valley industrial market is advancing on all fronts. Leasing activity was strong through the first three quarters, with a total of 10.3 million square feet (msf) leased, 23.2% more than a year ago and if the current momentum is carried through the fourth quarter, leasing figures are poised to be the highest since 2007. Demand for high tech space is on par with the third quarter of last year at 5.4 msf [...]