Some signs of hope have sprouted for the feeble office markets in downtown San Jose and Silicon Valley.
SAN JOSE — Some signs of hope have sprouted for the feeble office markets in downtown San Jose and Silicon Valley — yet a rebound remains a year or two away — experts said Wednesday.
“Things are starting to improve in downtown San Jose,” Matt Lituchy, Jay Paul Co.’s chief investment officer, said during the event. “It’s cleaner. There is less homelessness. It’s better here.” The panelists believe that a turnaround in the market for the development of commercial projects such as office buildings and apartment buildings could materialize by no later than the end of 2025.
With that in mind, some of the real estate executives urged city and business leaders to press ahead with other crucial initiatives in the meantime. While downtown San Jose must confront plenty of challenges including crime, homelessness and a seemingly unending problem of blight, some of the executives on the panel believe the Bay Area’s largest city has a chance to steal a march on its rival to the north, San Francisco.
While the financial markets might be the greatest factor in the revival of the office markets, some signs of recovery — while only modest green shoots at present — have begun to appear in the forbidding landscape of the commercial property sector.
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