Led by a bevy of big-ticket tech deals, office leasing volume in Silicon Valley has soared to 2.4M square feet in the fourth quarter, the first time the quarterly tally has topped 2M square feet since Q2 2019.
A leasing surge of more than 4M square feet in the second half of 2024 pushed the full-year deal volume over 5.5M square feet in Silicon Valley, setting the stage for a potentially robust office recovery in 2025.
The overall office availability rate in Silicon Valley dropped by 160 basis points to 25.9% in the fourth quarter, down from 27.6% in Q3 2024, Savills reported. Available sublease space in Silicon Valley totaled 6.6M square feet at the end of 2024, a 25% drop from the 8.8M square feet available at the end of 2023.
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