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Facing a Cloudy Economic Outlook, Industrial Tenants Pause Leasing in San Jose

Facing a Cloudy Economic Outlook, Industrial Tenants Pause Leasing in San Jose


New leasing activity in San Jose’s industrial market has slowed in recent months, coming in at just under 1 million square feet in the first quarter of 2023. This is the lowest level since the pandemic all but shut down the leasing market in the middle of 2020, and is a marked decline from a year ago when around 2.4 million square feet of industrial space was leased in San Jose during the second quarter of 2022.

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