City officials have approved a rezoning of 98 acres from office space to light industrial to adapt to market conditions, as demand for office spaces has decreased. This change is part of the Related Santa Clara project that aims to create a community with 1,680 homes and significant retail spaces. The City Council's decision reflects rising commercial vacancies post-pandemic. The plan includes a mixed-use vision with a focus on research and development and an increase in city center offices, all within a larger 240-acre project area across from Levi's Stadium.
"Our new master plan still maintains that vision of the mixed-use city center, but it adapts to today's market environment by making the northeast campus industrial R&D uses while densifying the city center with more offices," Related California Chief Operating Officer Nick Vanderboom said at the meeting.
The shift away from office space comes as commercial vacancies maintain their post-pandemic highs, and the region's return to office rate remains among the nation's slowest.
The City Council approved a general plan change for Related Santa Clara to rezone about 98 acres of office space to light industrial in the 240-acre project.
Representatives from developers Related California said the demand for office spaces has been low, so the change to light industrial will be necessary to meet market conditions.
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