Construction has paused on a huge tech campus in downtown San Jose amid a feeble Bay Area office sector, dealing a fresh blow to the city’s already wobbly urban heart.
Boston Properties has decided to hit the pause button on its Platform 16 tech campus in downtown San Jose, the real estate titan’s top boss told Wall Street analysts during a conference call this week.
“As a result, we have decided to pause construction of the project with the completion of the garage and foundation scheduled for year-end 2023,” Thomas said. The Platform 16 project is located next to sites where Google intends to develop a new mixed-use neighborhood of office buildings, homes, shops, restaurants, entertainment hubs, cultural loops, open spaces and hotel facilities near the Diridon train station and SAP Center.
During the April-through-June second quarter of 2023, office vacancy levels reached all-time high levels in four key Bay Area markets: 31.8% in downtown San Francisco, 35.7% in downtown Oakland, 29.9% in downtown San Jose and 21.6% in Silicon Valley, according to separate reports from commercial real estate firms Cushman & Wakefield and CBRE.
In March 2020, Boston Properties broke ground on the complex with much fanfare and a ceremony attended by San Jose’s mayor at the time, Sam Liccardo, along with a host of other dignitaries and top officials.
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