State of play: Elliott Krivenko, senior market analyst at CoStar, tells Axios the steep drop in leasing demand and rent is already undermining valuations, and true recovery may still be years away. By the numbers: The office vacancy rate for the region stands at 17.3% with about 43 million square feet listed for sale or lease, per CoStar, and it's projected to peak at 18.3% in 2026.
Santa Clara County, San Mateo County, and Fremont commercial property leases totaled 20.4 million square feet during the July-through-September third quarter, according to a report from the Silicon Valley Institute for Regional Studies that was released in partnership with JLL, a commercial real estate firm. The institute is the research arm of Joint Venture Silicon Valley.
Australia's CBD office vacancy rates have stabilized as more employees return to work, with the Property Council noting significant positive absorption in Sydney for the first time since 2016.
The North Beach and Chinatown Business Associations wrote a letter to the Board of Supervisors and the mayor that says, we don't have a problem with this Van Ness loosening of controls and regulations but don't think that you should or can do that to Chinatown and North Beach.
