The downtown districts of San Jose, Oakland, and San Francisco continue to experience alarmingly high office vacancy rates, exceeding 25% across all three cities. According to a report from Colliers, San Jose has the highest rate at 30.6%, despite a slight improvement from previous quarters. Oakland's vacancy rose to 26.5%, indicating worsening conditions, and San Francisco's rate remained stable at 29.6%. The report highlights a mixed outlook, with mostly small leases being signed, suggesting businesses are hesitant to commit to larger office spaces in the current economic climate.
The vacancies in downtown districts require substantial recovery efforts, with San Jose's office market slightly improving while Oakland's conditions worsened, and San Francisco's stabilized.
Colliers noted that office space deals remain small, predominantly under 25,000 square feet, reflecting cautious leasing by businesses in the current economic climate.
#office-vacancy-rates #downtown-districts #commercial-real-estate #economic-conditions #california-cities
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