"I'm calling it the paradox of 2024. The paradox is that we have a growing economy and less need of space," said Russell Hancock, CEO.
"Now people have found that they can have it both ways, with the high pay and the opportunities and changing the world," Hancock explained.
The return-to-office rate in the San Jose metro area stands at 40.7%, one of the nation's lowest, reflecting workers' reluctance to return.
Despite the high vacancy rates, commercial development has reached a post-pandemic high, with approximately 9 million new square feet constructed.
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