If increasing calls for a return to full in-person office work grow into an office occupancy recovery in 2025, we may look back at a new market report from Silicon Valley as the overture to a turnaround.
A market that has struggled this year with hefty office vacancy and availability rates experienced a huge surge in leasing activity in the third quarter as availability began to shrink.
Office leasing activity jumped to 1.7M SF in Silicon Valley in Q3 2024, rising by 1M SF over the previous quarter's paltry total of 700K SF, the first time in eight consecutive quarters the total has risen over 1.1M and the highest level since Q3 2022, Savills reported.
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