Newmark：2025年第二季度硅谷研发市场报告（英文版）

Vacancy rose from 12.5% in Q2 2024 to 13.9% this quarter, bringing the 2025 year-to-date average to 13.5%. The split between direct and sublease vacancy continued, with direct vacancy up 60 bps and sublease down 25 bps. R&D vacancy remained just below the 14.3% historical average. After years of steady growth, Silicon Valley R&D rents fell 3.7% year-over-year but remained elevated, up 7.1% from Q2 2023 and 19.8% from Q2 2022. Mountain View stood out amid the slowdown, with Shoreline m