Office leasing activity decreases yet again as demand remains largely expiration-driven

In Q1 2024, the total availability rate in the Silicon Valley office market increased 10 basis points (bps) from 27.5% reported at yearend 2023 to 27.6%. This remains historically high as large technology companies have put space on the market for sublease and the region has seen a slow return to office which is well below the national average. With office-using employment growth now revised by the Bureau of Labor Statistics to be negative last year, it is no surprise that leasing activity has decreased to begin the year.

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