Leasing activity in Silicon Valley's office market plunged to 731K SF in the second quarter, a 24% drop from the previous quarter. The leasing volume in the first half of 2024 is the lowest it has been since H1 2021.

A glimmer of good news in JLL's latest market report can be found in the vacancy and availability rates, which appear to have stabilized in the last three quarters, with a big caveat: the plateau is a whisker short of Q3 2022′s record-setting peaks.

Overall office vacancy in Silicon Valley notched 21.9%, while availability was close to 24%.

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