With commercial and residential vacancy rates at all-time highs in the city, many big tech buildings have been left abandoned following the COVID-19 pandemic.
Back in March, Intel even listed its 505,000-square-foot office.
“With the entire technology sector in a correction, office availability in Silicon Valley is at an all-time high and is expected to increase even further as return to office rates have lagged the rest of the country despite high-profile corporate announcements,” the report says. Meanwhile, companies are not only attempting to get rid of space, but they have also halted major construction projects that would have reshaped Silicon Valley.
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