Overall availability remains high despite largest office lease signed since the onset of the pandemic

In the third quarter 2022, Silicon Valley's overall availability rate decreased by 10 basis points (bps) over last quarter to 20.8% as the largest office lease since the onset of the COVID-19 pandemic was signed. Led by TikTok parent company, Bytedance, subleasing 657,934 square feet (sf) from Yahoo at the Coleman Highline project in San Jose, the Silicon Valley office market continues to see a slow recovery in leasing activity led mostly by technology firms. On the other hand, many occupiers have had difficulty getting their employees back into the office which has led to stubbornly high availability levels. Looking to the end of the year, expect a slow recovery as office availability remains high.

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