SAN JOSE — The Silicon Valley office market has staged a sudden turnaround on the heels of an unexpected burst of big office deals by Bay Area tech players, boosting the sector to post-coronavirus heights.
“The leasing market in Silicon Valley experienced a notable boost, driven by the technology sector’s presence and its continued focus on securing large leases,” Savills Research and Data Services stated in its report for the October-through-December fourth quarter of 2024. “Leasing activity in 2024 showed notable improvement, suggesting the recovery in office space is strengthening and will likely remain steady moving forward,” according to the Savills survey. The report defined the Silicon Valley office market as primarily Santa Clara County, Fremont and Menlo Park.
As severe as the office vacancies were in downtown San Jose, they were somewhat better than the brutally high levels seen in the Mountain View-Los Altos market, where 40% of the office space was empty. One notable anecdote: Amazon decided to postpone its mandate for workers to return to the office starting this month.
Plus a fresh set of players in the fledgling artificial intelligence industry could help fill more spaces.
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