Quarterly Report

Silicon Valley Commercial Space

Q1 2023

Newly-introduced space-efficiencies at Silicon Valley companies are resulting in additional sublease space on the market. With the backdrop of inflation, higher interest rates, and other economic woes, many of Silicon Valley’s tech giants, including Amazon, Google, and Meta have all announced layoffs affecting tens of thousands of tech employees. Bay Area-wide, more than 57,000 tech employees alone were laid in Q1 2023. An increasing number of companies have made sweeping adjustments toward a more remote/hybrid-first work culture, with Google Cloud’s recently-announced desk-sharing program as a notable example.