San Jose - Silicon Valley office market reports
Q4 2022: Silicon Valley showed promised the latter half of 2022 as office visitor volumes, the week before lockdown versus the week of December 12th, 2022 was 61.7% returned despite economic headwinds, layoff announcements, and lackluster job postings. This figure is the highest percentage of office site visits throughout the Bay Area witnessed since the onset of the pandemic.
Office Visitor Volume
Silicon Valley office visitor volumes, the week before lockdown vs. the week of December 12th, 2022 was 61.7% returned despite economic headwinds, layoff announcements, and lackluster job postings.
YTD Net Absorption
Leasing activity kept pace throughout 2022 with occupancy stabilizing due to a couple of large expansions in the San Jose market.
Available sublease rates began to level off in the latter half of 2022 as unoccupied space begins to transition back into the hands of landlords.
Direct Asking Rate Full Service
Increases in availability and excess space over the past 18 months has begun to stabilize as landlords begin to negotiate with tenants and lower rents to maintain occupancies.
A large percentage of the new construction on the horizon is already pre-leased or planned Google development.
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