Nobody goes there anymore: Silicon Valley office vacancies up as workforce stays home

SILICON VALLEY COMPANIES are adjusting their needs for in-person work spaces as employees refuse to go back to the office.

Commercial vacancy rates continue to climb, even though development is making a comeback, according to a December report from Joint Venture Silicon Valley and commercial real estate firm JLL Silicon Valley. Vacancy rates are up across all sectors — with 24.6% vacancy in labs, 11.1% in research and development and 4.7% in industrial. The vacancy rate for office space reached 21.8% in the third quarter of 2024, up from 19.6% in 2023 and more than doubling from 8.6% in 2019.