Economic upswing sprouts on multiple fronts in downtown San Jose, report shows

SAN JOSE Downtown San Jose has produced an upswing in economic activity with jobs and foot traffic showing improvement according to a summary produced by the San Jose Economic Expansion and Cultural Affairs Office The document covered the months that ended in June Related Articles US job rise stalls Just jobs added in July with stunning downward revisions to fresh months Wall Street slumps and bond yields sink following weak hiring numbers and new tariffs Opinion Inmate firefighters vulnerability their lives saving California They deserve better pay Safeway union workers withhold picket lines as federal mediator requests strike delay How a great number of employees is your California city paying This interactive database tells you Over the past year downtown San Jose continued to make visible progress even amid broader economic headwinds stated the city administration statement Downtown San Jose is experiencing a period of transition and reinvestment as it continues to recover from the impacts of the COVID- pandemic In the fiscal year downtown San Jose accommodated an estimated jobs That was up from the in the fiscal year that ended in June the city statement stated In mid- prior to business shutdowns that began in March due to the pandemic downtown had about jobs the city agency communicated Totals nosedived to in mid- About people were living downtown during the fiscal year according to the Economic Advancement Office That was unchanged from the prior year but higher than in mid- In mid- about people were living downtown a prior description by the city economic advancement office determined That number jumped to in mid- then to in mid- and by mid- The statement also determined that downtown foot traffic rose over a one-year period that ended in April It defined downtown San Jose as an area bounded by Google s Downtown West footprint near the SAP Center Diridon train station and the Coleman Arena Center site on the west Julian Street on the north Fourth Street on the east and Interstate on the south Downtown office vacancy levels are high and worsened slightly in the the greater part newest reporting period The vacancy rate was in the fiscal year up from the year before according to the city examination Office rental rates are improving Average asking office rents were a square foot as of mid- up from a square foot in mid- The overview also took note of how San Jose State University has become entwined with downtown to the benefit of both The university in August opened Spartan Village on the Paseo a -story learner housing complex that sprouted within a former hotel tower That facility contains beds The upswing for multiple key sectors in downtown San Jose has arrived ahead of the South Bay playing host to three key sporting events the Super Bowl several matches of the FIFA World Cup and particular of the games for the NCAA men s college basketball tournament Downtown San Jose is drawing new large-scale events welcoming new business openings and benefiting from general space improvements that create a more welcoming and vibrant ecosystem the city overview stated These trends reflect the downtown s evolving identity as a vibrant mixed-use district poised for rise