Kelly Zito reports on the high commercial real estate vacancy rate in Silicon Valley.
The commercial vacancy rate in the suburban portion of Silicon Valley, about 33 million square feet comprising about 85 percent of the region’s office market, was 28.7 percent in the fourth quarter of 2002, according to a recent Cushman & Wakefield study. That is a 44.9 percent jump from the 19.8 percent vacancy rate for the fourth quarter of 2001. In downtown San Jose, the vacancy rate almost doubled, from 9.8 percent to 19.1 percent.
This is just another confirmation of the worst economy I’ve ever seen! What’s the governor going to do about it? Raise taxes!