Bay Area Office Space Market Shows Signs of Recovery

  • 📰 mercnews
  • ⏱ Reading Time:
  • 52 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 48%
  • Publisher: 68%

Business Новости

Bay Area,Office Space,Market

New commercial real estate reports indicate that although the market for Bay Area office space remains feeble, there is a surge in tenant demand for leasing offices. Vacancy levels remain high, but there are signs of improvement.

The market for Bay Area office space remains feeble, battered by brutally high vacancy levels — but the hunger by tenants to lease offices is starting to surge, new commercial real estate reports show. Empty office spaces remained at or near record levels in the Bay Area’s four primary markets during the January-through-March first quarter of 2024, according to a new report released by CBRE, a commercial real estate firm.

Vehicles are parked on a surface lot in north San Jose next to a Google tech campus on West Tasman Drive near Champion Court, May 2023. (George Avalos/Bay Area News Group) The office markets in the South Bay, the East Bay’s Oakland-Emeryville region, San Mateo County and San Francisco continue to suffer from economic maladies in the wake of the coronavirus pandemic. Both office vacancy and availability rates remained sky-high in the first quarter of 2024, according to the CBRE report. The vacancy rate measures the space being offered for lease by property owners. The availability rate measures the combined amount of space that landlords offer directly plus the space tenants offer through subleases. Here is how the four primary Bay Area office markets performed during the first quarter of 2024 and how they compared with the October-through-December fourth quarter of 2023: — The South Bay office vacancy rate was 19% in the first quarter, worse than the 18.6% in the fourth quarter. The availability rate was 2

 

Спасибо за ваш комментарий. Ваш комментарий будет опубликован после проверки
Мы обобщили эту новость, чтобы вы могли ее быстро прочитать.Если новость вам интересна, вы можете прочитать полный текст здесь Прочитайте больше:

 /  🏆 88. in RU

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Bay Area office market flounders with empty space but demand jumpsThe Bay Area office market remains feeble, battered by brutally high levels of empty spaces — but tenant demand is rising.
Источник: OakTribNews - 🏆 597. / 51 Прочитайте больше »

Wobbly Bay Area office market spurs delay of huge San Jose tech campusA huge tech campus proposed for downtown San Jose could be delayed for a few years.
Источник: mercnews - 🏆 88. / 68 Прочитайте больше »