The office vacancy rate fell only slightly during the first quarter, as a lack of significant job growth continued to impede demand for space, according to a quarterly report released on Tuesday. At the same time, U.S. office construction during the first quarter reached a 14-year low as developers remain spooked by soft demand and meager rent growth, according to real estate research firm Reis Inc. Persistent lackluster U.S. job growth was behind the 0.1 percentage point U.S. office vacancy rate decline. Demand for office space hinges on hiring workers to fill it. Although hiring in … [Read more...]

San Jose’s City Council has approved a trio of agreements with Samsung Semiconductor Inc. to build a 680,000-square-foot research and development campus and new North American headquarters in North San Jose. The project is expected to involve a capital investment of no less than $200 million, assuming an estimated per square foot construction cost of about $300 and excluding the value of business equipment required to outfit the facility. The campus, which is proposed to include two, 10-story towers, is expected to house 2,000 workers. Samsung has an existing 300,000-square-foot complex … [Read more...]