One-fifth of Silicon Valley’s office buildings are empty, the highest such level since the last recession.
SAN JOSE — One-fifth of Silicon Valley’s office buildings are empty, the highest such level since the last recession, one of the grim side-effects of the tech industry’s push to sublease space, according to a new report.
The Silicon Valley vacancy was 12.8% in the third quarter, in a measure of office space the property owners are offering through direct leases. Another 7% of the region’s office space was being made available through a sublease, Colliers estimated. That easily topped the prior record of 1.5 million square feet for the negative office occupancy benchmark that was set in 2009 during the Great Recession, according to Colliers.
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