Office availability increases sharply as large tech firms accelerate giving back space

In Q2 2023, availability increased sharply in the Silicon Valley office market due to space givebacks from Meta and Roku, as well as Google putting over 1.4 million square feet (msf) on the market for sublease. As a result, the total availability rate increased 350 basis points (bps) from 23.1% reported last quarter to 26.6% in Q2 2023. Available sublease space has also continued to increase ending the quarter at a new historical high of 7.6 msf, up 55% from 4.9 sf reported a year ago. With the entire technology sector in a correction, office availability in Silicon Valley is at an all-time high and is expected to increase even further as return to office rates have lagged the rest of the country despite high-profile corporate announcements.

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