Office availability to continue to grow sharply as large tech firms accelerate shedding space

In Q3 2023, sublease availability continued to rise in the Silicon Valley office market and there is now an additional 3.1 million square feet (msf) on the market compared to a year ago. Available sublease space has continued to remain at historical highs ending the quarter at 7.6 msf. Interestingly the total availability rate remained relatively flat from last quarter at 26.6%. 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 around return to office.

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