Layoffs and hiring freezes by the tech giants in Silicon Valley have not put a dent in multifamily demand in the San Jose Metro because these cutbacks don't reflect the area's overall labor market, which is still strong.
According to a new Q2 2023 multifamily market report from Marcus & Millichap, Silicon Valley is maintaining the Bay Area's lowest apartment vacancy rate, realigning with its historical pre-pandemic average.
"Although net apartment absorption has slowed nationally due to a flattening economy, the stability of Silicon Valley's labor market helped sustain demand and moderated upward pressure on availability," Marcus & Millichap said.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
