SAN JOSE — Commercial leasing activity jumped in Silicon Valley during the third quarter of 2025 and development activity rose at a modest pace as owners of commercial properties scout for an elusive market rebound, a new report shows.

Santa Clara County, San Mateo County, and Fremont commercial property leases totaled 20.4 million square feet during the July-through-September third quarter, according to a report from the Silicon Valley Institute for Regional Studies that was released in partnership with JLL , a commercial real estate firm. The institute is the research arm of Joint Venture Silicon Valley.

The pace of commercial leasing in the third quarter was 48.9% higher than the 13.7 million square feet that was leased in the April-through-June second quarter of 2025, the report fr

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