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The memorandum provides a Downtown Progress Report for San José, detailing developments from July 2022 to June 2023. It highlights improvements in economic recovery, including increased sales tax and foot traffic, despite challenges such as high vacancy rates in commercial real estate and slow office worker returns due to hybrid work. The report discusses ongoing and upcoming initiatives, including new residential projects and the establishment of a downtown coordinator position. It also notes the vibrant growth of dining options and small businesses in the downtown area.
Key points
The report covers downtown progress from July 2022 to June 2023.
Sales tax in downtown San José increased by 56% from 2020.
Foot traffic, measured by cellular device counts, improved to 75% of 2019 levels.
The Downtown Growth Area has approximately 33,700 jobs and 3,050 businesses.
Commercial office vacancy rates reached about 24% at the end of Q1 2023.
There are roughly 730 residential units under construction in downtown.
New dining and retail options have emerged, contributing to downtown's vibrancy.
Limitations
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Extracted text preview · 32,487 chars
CED AGENDA: FILE: ITEM: 6/26/23 CC 23-148 (d)1 TO: COMMUNITY AND ECONOMIC DEVELOPMENT COMMITTEE FROM: Nanci Klein SUBJECT: DOWNTOWN PROGRESS REPORT DATE: June 12, 2023 Approved Date 6/16/23 RECOMMENDATION Accept the informational report highlighting downtown progress from July 2022 to June 2023. OUTCOME The Community and Economic Development Committee will receive a progress report related to downtown commercial and residential development, economic vitality initiatives, public life and place-making, clean and safe activities, special events, and convention and cultural activities. BACKGROUND A vibrant city center is many things: eclectic, interesting, and inviting; with a strong and growing commercial and residential base. It is socially, economically, and ethnically diverse; easily accessible from transit; and attractive to talent and residents. Downtown San José is Silicon Valley’s city center, its only true urban environment – critical to its economy and cultural heart. The City is committed to attracting investment in jobs and housing, arts and culture, and quality amenities to enhance and sustain a safe, vibrant downtown. The annual Downtown Progress Report compiles...
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The Downtown Progress Report provides an overview of the current state of downtown development, including economic indicators, commercial and residential projects, and community events. Key statistics include a current office base of 9.8 million square feet, 33,700 jobs, and a median household income of $124,625. The report highlights various commercial developments under construction, notable office leases, and urban living projects, along with recent openings in shopping and dining. It also mentions community events and public realm improvements.
Key points
Current office base: 9.8 million square feet
Total jobs in downtown: 33,700
Total residents: 21,385
Median household income for 95113: $124,625
Overall office vacancy rate: 23.6%
Commercial development under construction: 1.4 million square feet
740 residential units under construction
Average rent for 1-bedroom: $2,489
Recent community events include Levitt Foundation’s Spring Concert Series and Juneteenth Homecoming
Limitations
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The report appears to be a draft.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 2,624 chars
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 9.8M/1.4M SF Current office base/ Square footage under construction 33,700 Jobs 21,385 Residents 82% (2022 vs. 2020 sales tax recovery) $124,625 Median Household Income* * For 95113. Jobs, residents and tax revenue is for Downtown Growth Area. 23.6%/$4.28 Overall office vacancy rate/Per square foot asking rent (Q1 2023) 36,000 students from diverse backgrounds studying at San Jose State University Device Count Recovery, Selected Downtowns 100% 91% San Diego 90% 80% 75% San Jose 70% 60% 50% 40% San Francisco 29% 30% 20% July 20 Jan. 21 July 21 Jan. 22 July 22 Jan. 23 San Jose data is for 95113 zip code. Source: University of Toronto Work Environment Adobe’s new Founder’s Tower Notable Office Leases Notable Sales Centerra San Jose Marriott 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* 200 Park: ~1M SF...