The Bay Area’s three largest downtown districts suffered with sky-high levels of empty offices in the third quarter of 2023,
SAN JOSE — The Bay Area’s three largest downtown districts suffered with sky-high levels of empty offices in the third quarter of 2023 even as tech companies slashed their workplace footprints, a new real estate report shows.
The greatly elevated amounts of empty office space in the Bay Area’s three largest downtown districts offer a harsh reminder of the ongoing economic fallout from the coronavirus-linked business shutdowns of 2020 and 2021. These are the office vacancy rates — the amount of empty office space directly offered by landlords — for the downtown areas of San Jose, Oakland and San Francisco, according to the preliminary reports from CBRE:— San Jose had a 31.5% downtown vacancy rate in the third quarter, up from 26.6% in the second quarter of 2023.
— Downtown San Jose, 32.7% availability rate in the third quarter, up from 27.8% in the second quarter— Downtown San Francisco, 37.5% in the third quarter, up from 34.2% in the second quarter.
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