Q2 2020 began to show promising signs of normalcy in the office workplace. Various companies have implemented return-to-office plans, with Google taking a stance on not requiring masks if vaccinated. If not vaccinated, employees will have to follow California’s mask guidelines. A majority of companies plan to offer some version of a hybrid work schedule as employees return to the office, including the U.S. government.
Silicon Valley vacancy continues to climb, recording a 13.2% rate overall. Palo Alto (19.1% vs 13.1% in Q1), Santa Clara (18.2% vs 13.1% in Q1), and Sunnyvale (15.1% vs 9.8% in Q1) demonstrated the largest increases in vacancy in the region, with all three submarkets pushing the overall Silicon Valley vacancy rate quarter-over-quarter.