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Market Report

San Jose Office Market Report

2Q 2024

Gathering Momentum in Lower Rent Office
Neighborhoods Foreshadows Future Improvements

Changing tech landscape has implications for the market. After a difficult year for many of the metro’s professional services firms, job creation returned to these fields in the early months of 2024. While technology stalwarts, such as Meta and Google, have reduced their operating costs, consolidating both their headcounts and real estate holdings, other companies in the sector are growing. Chipmaker NVIDIA acquired its longtime-leased Santa Clara headquarters earlier this year, adjacent to other office space it developed in 2022. The company is one of several investing in artificial intelligence, an evolving sector with potential long-term benefits for San Jose’s office landscape, despite near-term headwinds. 

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