It started in the third quarter of 2023, when tech markets saw an increase in office vacancies.

"The third quarter presented a shift in the tech market, contrasting with the previous quarter's significant vacancy decline in emerging markets," David Caputo, a data scientist at Moody's Analytics CRE, wrote at the time. "This quarter, traditional tech markets, emerging markets, and the national average all moved in harmony, each experiencing a 30-bps increase in vacancies."

Now those vacancies are back and bigger than before, according to Moody's Caputo.

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