After years of demand outstripping supply, the apartment vacancy rates in San Jose are starting to inch upwards as the COVID pandemic continues to put pressure on housing markets in the tech-rich havens around San Francisco. While San Jose has steadily been adding units for the last several years, much of the focus has been on housing to support staffing increases at the big tech firms that provided a steady supply of tenants for expensive new apartments. As many of the big tech firms have paused hiring or have embraced telecommuting to broaden work-from-home staff outside of Silicon Valley, the ...
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Last month, California Gov. Gavin Newsom signed 15 bills designed to address the state's availability of affordable housing. The measures include incentives to build near public transit and increasing density bonuses for developers. California has long struggled to deal with homelessness and housing affordability, as increasing rent and home values squeeze out working families and make housing difficult to attain. The pandemic has increased urgency around these issues, even as Governor Newsom expanded eviction moratoriums through the end of January. A housing crisis is expected throughout the US when the moratoriums are eventually lifted and renters are faced with balloon ...
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Throughout this somewhat uncommon 2020, Silicon Valley has continued to demonstrate strength and resiliency in the commercial office space market. Rising occupancy levels continued in the 2nd quarter, and as demand continued to outstrip the growth in supply, according to CoStar. Seattle is the only major metro area in the US that has lower availability. If we assume that any recessions resulting from COVID pandemic remains short, the fundamentals for the Bay area appear headed for only a slight softening, says CoStar analyst Jesse Gundersheim. The job loss picture across the nation as a whole is catastrophic, but the Silicon ...
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Beginning in 2012, occupancy growth has been on a continued trend to outstrip supply. In 2019, that growth exceeded supply by a whopping 1 million square feet. In a report published by CoStar, occupancy in San Jose grew by 2.4 million square feet, yet supply only grew by 1.4 millions square feet. This squeezed vacancy rates to a low 8.4%, which puts the Bay Area near the lowest vacancy rates in the United States. Vacancy has been below the national average since the trend began in 2012. In addition to Silicon Valley, San Francisco and Seattle join the club with ...
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