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Page 19 of 22 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />Table 9 <br />For Fiscal Year 2025-26, HdL forecasts a modest 2.6% increase in statewide sales tax. <br />Regional/Local Economy <br />The local commercial real estate market is still adjusting to the changes in work habits – namely <br />teleworking – following the COVID-19 pandemic. While the commercial vacancy rates remained high in <br />2024, the chart below, released by Cushman & Wakefield for the fourth quarter of 2024, suggests that <br />vacancy rates have stabilized – albeit at historic high levels. <br />Table 10 <br />On March 7, 2025, Joint Venture: Silicon Valley is set to release additional data on the regional economy at <br />its annual briefing. Staff will review this data and assess its impact on the City’s finances as it works <br />through the spring to finalize the Fiscal Year 2025-26 Recommended Budget. <br />8.A. - Page 19 of 70 <br />184