Silicon Valley’s office market experienced rising vacancy rates, flat rental rates and a vanishing act for big leasing deals during the final three months of 2022.
SAN JOSE — Silicon Valley’s office market experienced rising vacancy rates, flat rental rates and a vanishing act for big leasing deals during the final three months of 2022 amid uncertainties over the economy and tech layoffs.
“The Silicon Valley office market had a slow finish to end 2022,” CBRE stated in a report that covered the October-through-December fourth quarter of last year. Case in point: In October 2022, Germany-based Union Investment Real Estate GmbH and Seattle-based Metzler Real Estate Advisors teamed up to pay $222 million for a big Sunnyvale office complex that’s leased to tech titan LinkedIn. The complex has addresses of 684 W. Maude Ave., 686 W. Maude and 480 N. Pastoria Ave. in Sunnyvale.
“Approximately 63% of the total transaction square footage came from deals under 10,000 square feet,” CBRE reported. “Notably, there were no deals signed exceeding 100,000 square feet.”
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