As Silicon Valley continues to grapple with the SVB bank collapse fallout and the office vacancy rate in the San Francisco area is still one of the highest in the country, major tech companies are looking to offload their office campuses. The chip manufacturer Intel is the latest company to put a corporate campus up for sale, reportedly looking to sell a 505,000-square-foot office property that is valued at $193 million. A spokesperson for Intel told The Post the company’s hybrid model led them to reassess their space needs as they look to cut costs. Another tech firm nearby, Analog Devices, has put a 320,000-square-foot campus made up of five buildings up for sale.
Back in December, Oracle quietly put a portion of its Silicon Valley campus up for sale, reportedly due to the fact that the space wasn’t being used and had been up for lease for several years. And in late January, the tech firm Fujitsu North America sold an R&D building in Sunnyvale for $31 million it had been occupying. Given the continued layoffs in the tech sector, along with the popularity and prevalence of hybrid and remote work, the trend of tech firms selling off large corporate office properties as they downsize their office footprints to cut costs will likely continue. But for the office space that corporate occupiers are keeping, they’re doing as much as they can to lure workers back. Well-known brands like Under Armour and Marriott are going all out at their headquarters campuses, effectively turning their HQs into brand billboards.
