Silicon Valley office availability drops as leasing activity surges in the third quarter

In Q3 2024, the total availability rate in the Silicon Valley office market decreased by 110 basis points (bps) from last quarter to 27.6% as technology companies dominated large leases, remaining key players in Silicon Valley's leasing market. In the long run, the decreased availability rate along with the Federal Reserve’s lowering of interest rates could enhance the office leasing market by making it more affordable for businesses to secure financing for expansion, leading to increased demand for office space.

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