The vacancy rate in the Silicon Valley office market hit 19.4% in the second quarter as net absorption registered an all-time low of negative 1.4M SF, while sublease vacancies shot up 290 basis points compared to the first quarter.
At the end of the first half of 2023, sublease vacancies in Silicon Valley totaled 4.4M SF, according to JLL's office market report.
The report cited tech companies subletting large blocks of space as drivers of this expansion, specifically Google's vacating of offices in Mountain View and Sunnyvale.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
