Downtown Progress
Report
Community and Economic Development Committee
June 26, 2023
Item (d)1
Nanci Klein, Director, Office of Economic Development and Cultural Affairs (OEDCA) Nathan Donato-Weinstein, Downtown Manager, OEDCA
Downtown by the Numbers
33,700
Jobs
36,000 students
from diverse
backgrounds
studying at
San Jose State
University
23.6%/$4.28
Overall office
vacancy rate/Per
square foot asking
rent (Q1 2023)
$124,625
Median
Household
Income*
21,385
Residents
9.8M/1.4M SF
Current office
base/ Square
footage under
construction
82% (2022 vs.
2020 sales tax
recovery)
* For 95113. Jobs, residents and tax revenue is for Downtown Growth Area. 100%
90%
80%
70%
60%
50%
40%
30%
20%
July 20 Jan. 21 July 21 Jan. 22 July 22 Jan. 23
San Jose
San Diego
San Francisco
San Jose data is for 95113 zip code. Source: University of Toronto 91%
75%
29%
Device Count Recovery, Selected Downtowns
Work Environment
Adobe’s new Founder’s Tower
Notable Sales Notable Office Leases
San Jose Marriott
Centerra
LS Power Acquisition
Commercial Development
Under construction: 1.4 million SF
Early site work: 1.2 million SF
Recently completed: 700,000 SF
Approved entitlements: 11 million SF*
Phase 1: 390,000 SF at
north end of Boston
Properties project
200 Park: ~1M SF
Paseo: 100,000 SF Platform 16: 390,000 SF (Ph. 1)
Urban Living
Arya, under construction on Almaden Boulevard
Urban Living Completed since 2020: ~2,500
Completed since last Progress Report:
130 units (The Taft)
Under construction: 740 units
Entitled or under planning review:
5,500
Vacancy
5.6% (stabilized)
11% (overall)
$2,489
Avg. rent (1BR)
0.7%
Annual rent
growth (2022)
The Taft/SoFA
SCAPE/SoFA Arya/Almaden
Shopping & Dining
Grand opening of Good Time Bar, Fountain Alley
Food, Drink &
Retail Services
CloudKitchens
Fox Tale
Fermentation Project
Elyse Restaurant K&J Sweets
Angkor Chef
Food, Drink &
Retail Services
Goodtime Bar
Famiglia Meduri Poor
House Bistro
Hula Bar & Kitchen The Gelato Shop
Italian Cellar Speakeasy at
Little Italy Cultural Center
Arts, Entertainment, and
Events
Levitt Foundation’s Spring Concert Series at St. James
Arts, Entertainment
and Events
Post Street Juneteenth Homecoming
CityDance Fountain Alley Block Party Levitt Spring Concert Series Public Realm
Pact for Unity volunteer-led mural
Public Realm
Public Realm
Downtown Progress
Report
Community and Economic Development Committee
June 26, 2023
Item (d)1
Nanci Klein, Director, Office of Economic Development and Cultural Affairs (OEDCA) Nathan Donato-Weinstein, Downtown Manager, OEDCA