C
ompass is consolidating its presence in Silicon Valley by closing two offices and relocating over 100 agents and employees to a new hub in Los Gatos. The New York-based brokerage will shut down its offices at Saratoga Sunnyvale Road in Saratoga and Los Gatos Boulevard in Los Gatos, with the majority of staff transitioning to a 17,000-square-foot office at University Avenue in Los Gatos by next month. This move is part of Compass's efforts to consolidate its operations after acquiring several real estate companies.

    According to Kevin Patsel, regional vice president for Northern California at Compass, the shift reflects changing work habits among agents and staff. Since the pandemic, offices have been used primarily for appointments, information sharing, and essential tasks, with a hybrid schedule now in place for agents and full-time support staff reporting to the office.

    Compass, which went public in 2021 with a $3.2 billion market capitalization, has over 300 offices and 33,000 agents across the US. It is the largest real estate brokerage in Northern California, with significant sales figures in San Mateo and Santa Clara counties. Despite posting a net loss at the end of last year, Compass reported a net income of $20.7 million in the second quarter, marking its first profit after a sluggish housing market.