#3 - Google cancels deal on $15 billion of Bay Area real estate projects, as Big Tech continues to bail on office space

Google ended its agreement with Australian construction firm Lendlease to develop $15 billion worth of master-planned districts in San Francisco amidst a major cost-cutting drive this year, Lendlease announced Friday. The two companies were planning to develop four campuses across the Bay Area including a site called Downtown West in San José, Moffet Park in Sunnyvale, as well as Middlefield Park and North Bayshore in Mountain View, per Lendlease. The developments were collectively known as the "San Francisco Bay Project," and were expected to commence in 2026. Lendlease secured its contract with Google in 2019. "The decision to end these agreements follow a comprehensive review by Google of its real estate investments and a determination by both organisations that the existing agreements are no longer mutually beneficial given current market conditions," Lendlease said in the press release.