Silicon Valley is in the midst of a rather unprecedented development, investment, and (tech employee) migration boom.
Year over year, median home prices have risen nearly 25 percent to $1.1 million. Rent is exhibiting a similar trajectory. As of June 2018, tenants paid an average of just under $3,000 a month – 4 percent more than they did one year prior.
A Yardi Matrix report in July 2018 cited 9,800 units under construction with another 46,000 in planning and permitting. In the office space, Jay Paul Co.’s 1.8 million-sq.-ft. Moffett Towers II and The Irvine Company’s 1.1 million-sq.-ft. Pathline Peery Park came online and are fully leased to companies such as Facebook and Amazon.
With regards to migration, Google – and their plans to bring 15,000 to 20,000 employees into the city – is continuing to move forward with their future one million sq. ft. Google Campus.
While the development boom can in large part be credited to tech giants in Silicon Valley, the next wave of investments will likely be the result of Opportunity Zone development, stemming from 2017’s Tax Cuts and Jobs Act.
In a report published on its website, Fundrise identified San Jose as a Top 10 Metropolitan Area for OZ growth potential (along with other California cities Los Angeles, Oakland, and San Diego).
Investors and developers alike can expect increased demand for walkable communities, myriad housing options, transit oriented development, and urban infill as the population rises and market size grows.
Join us as we dive deep into Silicon Valley’s opportunities in 2019 and beyond.
Keynote Speakers Include:
Jesse Gundersheim, Market Economist, CoStar
Sam Liccardo, Mayor, City of San Jose
Opportunity Zones and Affordable Housing
What legislation means for investment and development in San Jose and the affordable housing crunch
Speakers Include:
Erik Hayden, President, Urban Catalyst
Katherine Harasz, Executive Director, SCCHA
Leslye Corsiglia, Executive Director, SV@Home
Nathan Donato-Weinstein, Business Development Officer, City of San Jose
For a full list of speakers and topics click HERE