Economy

Economy

Commercial real estate investments soar in Silicon Valley

Commercial real estate sales boomed in Silicon Valley last quarter, but vacancies remain high throughout the region. A surge in investment activity between July and September brought year-to-date aggregate commercial real estate sales in the South Bay to $6.3 billion.  That’s the highest sales volume for the region since 2015, according to a new report...

San Jose’s tourism arm reports zero dollars in revenue

Team San Jose, a nonprofit that manages the city’s arts and cultural centers and tourism, reported zero dollars in revenue this past year, demonstrating the COVID-19 pandemic’s tremendous impact on the local economy. “We were closed by county mandate for the majority of the year,” spokesperson Frances Wong told San José Spotlight. “With a closed convention center and closed...

San Jose sidewalk construction causes pedestrian safety concerns

Prolonged construction on a busy Santana Row intersection has frustrated some locals who say it poses a threat to pedestrian safety. Resident Benjamin Reed told San José Spotlight he contacted the city months ago about construction on the corner of Winchester Boulevard and Olsen Street, as well as Santana Row and Stevens Creek Boulevard. He...

Digital food hall could be economic boon for downtown San Jose

San Jose business leaders have high hopes for a digital food hall to spice up the heart of downtown. City Storage Systems, a real estate company owned by former Uber CEO Travis Kalanick, is constructing a new location for several delivery-oriented restaurants in downtown San Jose. The historic building at East Santa Clara and South Third...

San Jose entrepreneur pushes city to allow cannabis events

A San Jose entrepreneur wants the city to expand its horizons and allow special events at museums, concerts and comedy clubs where adults can smoke, drink or eat cannabis products. Fernando Alvarez, founder of VaporTent Lounges, said the city is missing out on an economic policy he’s helped other California cities craft. One that allows organizers...

Businesses in San Jose airport seek COVID relief funds

Vendors at Mineta San Jose International Airport are not seeing revenues return to pre-pandemic levels, and local lawmakers want to offer financial help. The San Jose City Council voted unanimously Tuesday to let city officials continue negotiations with airport businesses about how to dole out COVID-related relief funds. A city commission will also take a...

San Jose business owners fear displacement from historic district

Dozens of Spanish-speaking businesses in the bullseye of rezoning on Willow Street rallied to force the city to rethink its position. Other business districts may not be so lucky. San Jose officials are exploring land-use changes to four business districts: Willow Street, North 13th Street, Willow Glen and Taylor Street in Japantown. The city wants...

Airlines shrug at costs from San Jose building policy

Airlines hardly notice the financial losses caused by a San Jose policy to raise building height limits in the flight path of some planes. Multiple airlines told San José Spotlight that their operations have not been affected by a 2019 city policy that raised the height limits for buildings downtown and in the Diridon Station...