Should You Invest in Downtown San Jose?
Why Downtown San Jose is becoming
one of the prime real estate market in the Bay Area
Image courtesy of Mercury News (2017)
For those of you who may have been reluctant to settle or invest in Downtown San Jose, you may want to reconsider your decision, especially in the light of the recent discussions between Google and the City of San Jose to develop a campus by Diridon Caltrain station.
The heart of Downtown San Jose around Santa Clara St has now many trendy venues, (bars and restaurants) between San Pedro Square and San Jose City Hall. Office space is attracting tech giants such as Amazon, which recently took a floor in the WeWork building on Santa Clara St, coworking spaces can be found everywhere downtown and just a few days ago, two of the largest Bay Area developers are proposing a 1-million square-foot development along the Guadalupe River north of the SAP Center.
New multistory condos are popping up everywhere around City Hall, the latest luxury condo development being led by Fairfield just around the corner from the downtown USPS offices. The number of hotel rooms is on the rise with the opening of the Clariana Hotel, which is already planning to expand less than two weeks after its opening.
Going back to Google, as you may already know, this massive development could accommodate up to 20,000 jobs, potentially making it the largest R&D space for the company, even bigger than their Mountain View HQ.
Google expansion will most likely help the City of San Jose expedite all scheduled transit upgrades in and out of Diridon station, including the potential high-speed rail connection as well as the expansion of BART. Let us not forget either the immediate proximity of SJC Airport, about 10-15 minutes away from most Downtown locations.
Although negotiations between Google and the City are still ongoing and urban development will not be completed for many years, the momentum is real and if the deal is approved, prices are likely to follow up in line with the deep pockets of the new tech millionaires. Most likely all neighborhoods around Diridon, not just downtown but also Willow Glen and the Alameda area are poised to be the new up-and-coming neighborhoods of San Jose.
So, think twice before discarding Downtown San Jose and consider making a move while this neighborhood is still affordable and enjoy urban living in the new tech hub of Silicon Valley.