Downtown San Jose Real Estate Tour Rides Optimistic Wave

SAN JOSE, – The much-anticipated Downtown San Jose Real Estate Tour brought together a mix of commercial real estate professionals, developers, business leaders, and others for an informative afternoon of current market trends and statistics as well as a look to the future. The event was attended by more than 150 people and was hosted by Colliers International, Hoge Fenton Jones & Arpel, AEI Consultants, San Jose Downtown Association, and the City of San Jose.

[contextly_sidebar id=”7b92e1a63bfce6a5148de79729db298e”]The tour started at the San Pedro Public Market on St. John Street and meandered through the city, taking in a host of retail, office, and mixed-use development projects while providing key historical statistics on a variety of locations.

Key aspects of San Jose’s workforce were highlighted during the tour. The Urban Land Institute listed San Jose as one of the top three emerging real estate markets in the country of the 51 metro areas surveyed. Below are key points of why San Jose ranked in the top three for investment, development and home building:

  • Employment – 50,000 jobs since 2007 with 25% of them in high paying tech industry fields. In a recent survey conducted by ManpowerGroup, the San Jose region was ranked number one in the “The Best Cities for Jobs this Spring.”
  • Gross Metro Product per Capita – 4th in the country i.e. disposable income
  • Metro Area Education Ranking – 2nd highest # of college educated graduates in the country, only behind Washington DC
  • Echo Boomers – Of the top ten markets in the country, San Jose ranked 4th highest with almost 16% of the population. The echo boomers are under the age of 40, highly educated; prefer metro markets, not interested in home ownership, and prefer the flexibility of renting as much as they do the portability of their work environment and their jobs. Recently, Forbes magazine named San Jose as the number one city in the “Ten Happiest Cities to Work for Young Professionals” ranking.
  • Supply Constrained: San Jose is a mature land constrained area with high barriers to entry.

David Buchholz, senior vice president with Colliers’ San Jose office commented, “It’s always an exciting adventure. The interest in what’s happening in the downtown area is very high. San Jose is undergoing a metamorphosis in its worker demographic and development is under pressure to meet the changing demand.”

The tour was sponsored by Colliers International, Hoge Fenton Jones & Arpel, AEI Consultants, Equity Office, Republic Family of Companies, Garden City Construction, Johnson & Yau, Legacy Partners, 50 West, Barry Swenson Builder, Embarcadero Capital Partners, LLC in partnership with the City of San Jose and the San Jose Downtown Association.

About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.

West Coast Commercial Real Estate News