This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

https://www.wsj.com/articles/vacant-offices-are-piling-up-in-silicon-valley-68e19f7

Vacant Offices Are Piling Up in Silicon Valley

Layoffs, hybrid-work patterns are reducing corporate footprints in Northern California towns

Meta said last year that it was taking $2 billion in charges to consolidate offices as it downsized. Carolyn Fong for The Wall Street Journal

By Peter Grant

Updated June 21, 2023 12:02 am ET

Silicon Valley companies are dumping office space at an accelerating pace, as tech leaders such as Google and Facebook parent Meta Platforms close locations and reassess their commitments to the workplace.

Office-vacancy rates in Silicon Valley, which includes the Northern California communities of San Jose, Palo Alto and Sunnyvale, were up to 17% in June from 11% in 2019, according to data firm CoStar Group. In some spots, such as Menlo Park and Mountain View, the rate surpassed 20% this spring, CoStar said.