in Sunnyvale, California, about a year ago.
In 2021, there was an anticipation of a big return to the office around the third quarter, Yasukochi added, which may also be a reason for leasing by tech earlier in the pandemic. That never materialized, thanks to the onset of the Delta and Omicron variants of the virus. Covid-19 vaccines were at that time still rolling out to all age groups and populations, too.
While companies are shedding some of that space now, offices they're hanging on to are an insurance policy of sorts for space they'll eventually need, he continued.The current downturn means unique opportunity for companies to lease space at a competitive rate or move into buildings that've historically been fully occupied.
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