Q4 2023 Silicon Valley Office Market Report

Office vacancy continued to increase in 2023, recording an increase from 14.1% to 17.0%. Availability jumped from 17.2% to 21.4% by the end of the year. Some major large block sublease transactions occurred in 2023, however, leasing activity was not strong enough to offset office tenants continuing to give up space. Notable large block subleases that contributed to a significant amount of negative absorption to conclude 2023 include Google (1.5MSF+, Multiple), Meta (520.9KSF, Menlo Park), and Roku (357.1KSF, North San Jose). It’s important to note, however, that Google has opened their new 595.0KSF HQ in Mountain View and has committed to in-office policies in the Valley. Google will also deliver an additional 1.0MSF campus at 200 W Caribbean Drive in Sunnyvale for more of their office employees.

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