Office sublease availability in Silicon Valley hit another record in the third quarter, rising to 7.6M SF, more than $3M higher than the amount a year ago.
While the overall office availability rate held level at 26.6%, a new Q3 2023 market report from Savills projects that availability in Silicon Valley will continue to increase during the remainder of the year.
"With an entire technology sector in a correction, office availability in Silicon Valley is at an all-time high and is expected to increase even further as return to office rates have lagged the rest of the country despite high-profile corporate announcements around return to office," the Savills report said.
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