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Leasing activity off to a slow start to begin 2025
In Q1 2025, the total availability rate in the Silicon Valley office market increased by 80 basis points (bps) from 25.9% reported at year-end 2024 to 26.7% this quarter. The availability rate has stayed elevated as sublease space previously listed by major tech firms, including Google's at Moffett Towers, remain available, while many expired subleases have returned to the market directly available. Given the Bureau of Labor Statistics' revision of last year's office using employment growth to negative, the decline in leasing activity at the start of the year comes as no surprise.