Thread and John K, RE:"only 1.5 million square feet of high-tech space were leased or sold in Silicon Valley during this year's first quarter, down from 12.3 million square feet a year earlier "
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Wow. That's quite a drop.
It looks like it too:
When I was driving through Network Alley in Silicon Valley, earlier this week, I can say that I have never seen so many "office space for lease" signs in my entire life. Not even during a trip to Silicon Valley back in the recession of the early 90's. It's also about two times worse than when I last posted about the lease signs, say four weeks ago.
In the southern LA area, around Qwest, I'm surprised by the number of "office leases" available. Last year, I think I saw maybe one lease sign, but this year there are about 15 signs - at least one every block.
Here's another piece of anecdotal news... our landlord (the 2nd largest office real estate firm) sent out notices to all companies (that lease from them), asking folks to supply their revenue, balance sheet, etc.
The cost of office space is declining - I am glad we signed our lease back when the rates were still low.
Regards,
Amy J |
