Peninsula Office Market Faces Challenges as Vacancy Rates Climb and Rental Rates Decline in Q4 2023

The Registry Bay Area

Posted In — News & Press | In the News

The Peninsula Office Commercial Real Estate market experienced notable shifts in the fourth quarter of 2023, as highlighted in a recent market update by Kidder Mathews. The total vacancy rate climbed to 19.9 percent, with a notable increase in sublease vacancy from 4.4 percent in the previous quarter to 5.7 percent. This rise in vacancy rates is indicative of the ongoing reassessment of office space needs by firms, in light of the growing adoption of hybrid working models.

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