San Jose Office Market Report
Groundwork for Brighter Office Outlook Emerges; Payoff Remains Several Quarters Away
White-collar jobs set foundation for broader recovery. Silicon Valley’s tech companies retained a sizable share of their staffs during the health crisis, paving the way for hiring in secondary positions. Sectors that typically account for a large share of office demand were within 1 percent of pre-recession levels at the end of the first quarter. However, many of those firms will need to recall their employees after greenlighting dispersed working at the onset of the pandemic. Google and Apple are already in the process of bringing their staffs back to their large campuses, and contractors that support these companies will soon follow. Once the employment base is reestablished, leisure and hospitality positions will return.