In 2024, the Bay Area faced crippling loan defaults and high vacancy rates in commercial real estate, but tech leases ignited hope for recovery.
Several significant leases, including Snowflake's 773,000-sq-ft sublease in Menlo Park, signal potential recovery in the office sector and a return to onsite work.
Chad Leiker noted that as companies increasingly return to offices in Silicon Valley in 2025, it resembles a shift back to pre-pandemic norms.
Despite a troubled start to the year with foreclosures looming, tech giants' leases in late 2024 could drive a revitalization of the Bay Area's commercial real estate.
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