Posted 3/28/2024, 12:30:55 PM
Wobbly Bay Area office market spurs delay of huge San Jose tech campus
- Huge downtown San Jose tech campus project, CityView Plaza, likely to be delayed by several years due to weak office market
- Project proposed by major developer Jay Paul Co.; would total 3.4 million square feet at full buildout
- Developer seeking 5-year extension on development permit that currently expires in June 2025
- Recent data shows modest improvement in Silicon Valley office market but demand still weak
- Jay Paul Co. says "untenable" to lease project in current timeline but remains excited about long-term potential