Rents are rising faster in San Jose than anywhere else in the nation.
The asking price for office space in Silicon Valley's hub went up 6.7 percent over the past year, according to Bloomberg. That growth is close to triple the national average, and well above Dallas and San Francisco, where rents rose 5.2 and 5.1 percent, respectively.
The tech industry, of course, rules everything around us in the Bay Area, while Texas is enjoying its own boom in the energy industry, the website noted.
Property researcher Reis Inc. crunched the numbers, and noted that Houston and New York City are also above of the national curve, though behind San Jose.
Tech firms are buying up property throughout the area, with Box taking up new space in Redwood City, Google buying up even more of Mountain View, and Apple continuing to lay the groundwork for its spaceship campus in Cupertino.
And it has to be the right type of office space, as there's plenty of supply going untapped by the demand: the national vacancy rate is 16.8 percent, while over ten million square feet of new office space is added every year.
Meanwhile, demands for office space in San Francisco is at a level unseen since 1999, the height of dot-com boom 1.0.
San Jose Office Rents Rising Faster Than Anywhere Else in U.S.
Office space is at a premium in the South Bay, which has the prices to show for it.
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