Quarterly Report

Silicon Valley Commercial Space

Q2 2023

The second-quarter 2023 analysis from Joint Venture’s Institute for Regional Studies, in partnership with JLL Silicon Valley, shows a weakening attitude toward the market in the first half of 2023 as a barrage of layoff announcements enveloped the technology industry. With COVID-19 becoming a ‘non-factor’ in the office setting this year, many companies have already implemented return-to-work mandates, with hybrid three-day in-office policies becoming the de facto operating model. Despite this shift, the idea remains that a certain percentage of companies will no longer be interested in leasing space if their business operations can be (almost entirely) virtual.

Charts/tables featured in this report: