Two Sides to the Same Office Coin
On the day Pinterest announced paying $89.5 million dollars to cancel a 490,000 square foot office lease they had previously signed for a project that was going to be built in San Francisco’s South of Market, due to a change of where employees would be located, developer Jay Paul announced it is going ahead with a 3.6 million square foot office project in Downtown San Jose. There will be three 19-story towers and is a few blocks away from Google’s planned 8 million square foot project. So on the one hand negative news affecting the office market, while at the same time a very strong faith in the long-term value of office space.
