SAN JOSE — Office vacancy rates have increased in the South Bay and have ballooned to scary heights in San Francisco amid a wobbly economy punctuated by wide-ranging job cuts in the tech and biotech sectors.
The worsening state of the tech sector fueled jumps in the availability of office space during the first three months of 2023 in the South Bay and San Francisco, according to a new report by Savills, a commercial real estate firm.
Silicon Valley’s office vacancy rate increased to 23.1% in the first quarter of 2023, a level that Savills described as a “new historical high,” and up from 22.7% in the final three months of 2022, the company stated in the report.
