The downtown areas of San Jose, Oakland, and San Francisco are experiencing a significant increase in office vacancies, with rates hovering around 30% in major urban cores. A report from Colliers revealed mixed trends during the first quarter of 2025. San Jose leads with a vacuum rate of 30.6%, up from 30.2% year-over-year, while Oakland has risen to 26.5%. San Francisco remains stagnant at 29.6%. Although San Jose showed slight improvement, the overall situation persists as a concern for commercial real estate in the Bay Area.
Downtown San Jose's office vacancy hit 30.6% this quarter, slightly better than previous quarter, but still concerning and indicative of ongoing real estate struggles.
The report showed San Francisco's vacancy rate at 29.6%, unchanged from prior quarter, signaling a stagnant market with no sign of significant recovery.
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