San Jose, CA Commercial Real Estate

San Jose and the broader Silicon Valley represent the epicenter of the global technology industry and one of the most consequential commercial real estate markets in the United States. The metro is home to the headquarters or major operations of Apple, Google, Meta, NVIDIA, Cisco, Adobe, and hundreds of other technology companies whose space decisions drive billions of dollars in annual CRE investment activity.

The office and R&D market in Silicon Valley is distinctly different from traditional office markets, characterized by campus-style developments with large floorplates, high parking ratios, and amenity-rich environments. Cupertino, Mountain View, Sunnyvale, and Santa Clara are the premier tech office submarkets, while downtown San Jose has undergone a transformation driven by Google's planned Downtown West mega-development and the BART extension. However, the market has experienced significant vacancy increases as tech companies have rationalized their real estate footprints post-pandemic.

Industrial and data center demand remain strong in Silicon Valley, driven by AI chip design, semiconductor R&D, and the explosion of hyperscale computing infrastructure. The Alviso/Milpitas area and North San Jose have attracted significant data center investment. Multifamily is severely undersupplied relative to the employment base, with some of the highest rents in the country, though new construction has increased in transit-oriented corridors along BART and Caltrain stations.