Posted 3/26/2024, 7:35:49 PM
Silicon Valley Office Vacancy Rates Show Slight Improvement in Early Signs of Market Recovery
- Office vacancy rates in Silicon Valley showed signs of improvement in the first quarter of 2024, per a CBRE report
- The overall office space availability rate declined slightly from 21.1% in Q4 2023 to 20.8% in Q1 2024
- A major sublease deal between two tech companies helped stabilize the market
- CBRE executive says the market is beginning to recover but it will take time
- Increased tenant activity is a positive sign for Silicon Valley's ability to reinvent itself