San Jose Rezones 544,000 SQFT IBM Almaden Campus, Igniting Data Center Fight
Why this matters
Industrial has moved into a normalization phase after the 2020-2023 frenzy. Vacancies are up modestly, sublease space remains a watch item in the big-box logistics segment, and rent growth has shifted from double-digit to mid-single-digit. The long-term tailwinds — nearshoring, e-commerce penetration, infill scarcity — remain intact. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. Institutional capital is calibrating between core income and value-add basis plays as the cycle matures.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The fourth San Francisco story tracked on the wire in September 2026. All San Francisco coverage →
- Disclosed industrial deal value tracked in September 2026: $5.3B across 43 reported transactions. All Industrial coverage →
Computed from Real Estate Trail’s own tracked coverage
The San Jose City Council voted 9-2 to rezone the 35-acre developed core of IBM's former Almaden Research Center for industrial use, a move environmental groups warn could let a future data center sidestep environment…
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