- While the overall job market has softened in recent months, there is a divide in remote work job postings by geography. Remote work postings continues to remain prevalent in San Francisco, whereas the Silicon Valley and East Bay/Oakland markets continue to see decline, which bodes well for absorption of available space.
- We attribute the lower percentage in the suburban markets due to the proximity of in person jobs closer to a higher density of the where the workforce is living. This suggests employers recognize that commute and safety in urban cores continues to be a deterrent for employees. Suburban areas have also fared better than urban likely due to the higher return to office in those markets as well. This could signal a recovery in CRE suburban markets first.
- Total Bay Area job postings have declined roughly -85% from June 2022 to June 2023. San Francisco remote job postings have increased by 3.4% while Silicon Valley remote job postings have decreased -2.1%. Since the onset of the pandemic remote postings in San Francisco have increased 21%, East Bay/Oakland market 8.9% and Silicon Valley 11.5%.
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Market Intelligence Manager, West Region
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