The decision by two tenants to exit downtown San Jose might worsen the maladies that already afflict the urban core’s economy.
Downtown San Jose skyline, March 2024. The visible buildings include the 200 Park tower , Adobe and Riverpark towers and some Cityview Plaza buildings .SAN JOSE — The decision by two tenants to exit downtown San Jose might worsen the maladies that already afflict the urban core’s economy in the wake of the coronavirus.
At the end of 2023, downtown San Jose’s office availability rate was at an all-time high of 35.7%, according to a report from Savills, a commercial real estate firm. Office availability measures the combination of empty office space offered directly by building owners and space that tenants are offering through sublease.
While the price declines are jaw-dropping, experts such as David Sandlin, an executive vice president with Colliers, a commercial real estate firm, point out that the newly established prices at least set a current value for office buildings for office buildings in downtown San Jose. “The great thing about the PwC deal is that they stayed in San Jose,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy. “With the amenities at Santana Row, it’s understandable why PwC would go there.”
“The activation of downtown San Jose and the energy downtown is what is going to appeal to companies with younger employees,” Staedler said. “Having a constant stream of events and activities such as jazz festivals, live performances and other exciting events is the way to attract companies to downtown San Jose.”
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