The office vacancy rate in Silicon Valley rose to the highest in more than four years in the second quarter as technology firms cut jobs in the recession, according to commercial brokerage Studley.
Vacancies in the market that includes Palo Alto, Santa Clara, San Jose, Sunnyvale and Mountain View climbed to 20% from 11.7% a year earlier, Studley said.
"The recession hit very late and very swiftly," said Stephen Levy, director of the Center for the Continuing Study of the California Economy in Palo Alto. "The recovery is going to be slow. There's little prospect for rapid job growth."