Silicon Valley Commercial Office Vacancy Rate Nearly 20 Percent–And Rising
Anyone need 44 million square feet of office space?
As the San Jose Mercury News reports, nearly 20 percent of Silicon Valley’s commercial office buildings stood empty at the end of 2009–the worse vacancy rate in at least 15 years. And the situation is expected to get worse in 2010.
Grubb & Ellis predicts that the office vacancy rate this year will hit 22.4 percent, up from 19.1 percent at the end of 2009. The vacancy rate for R&D buildings is expected to his 18.5 percent this year, up from 17 percent at the end of last year.
