Over the last year there have been 150 new office leases Downtown. We have had 7 quarters in a row of positive net absorption of office space, bringing us down from 25.54% vacancy 17 months ago to 18.39% today. Also over those 17 months, Downtown has netted 233,897 SQFT of new tech tenants.
The latest tech company to move here is Datawise Systems, a startup in stealth mode that was founded by a team from Cisco, VERITAS, and VMware. They are moving into 10,000 SQFT at 111 N. Market Street. Originally they looked at the entire corridor from Palo Alto to San Jose. Their key criteria were close proximity to Caltrain, located in or near a downtown area, expansion capabilities, and reasonable pricing. Downtown San Jose hit all of those and is high-tech friendly to boot (no Google bus protests here).
BTW, Datawise is hiring hardware and software engineers as well as storage and networking architects that want to "put a dent on the universe." If you are interested in learning more, email email@example.com.
Source: SJ Economy Newsletter, SVBJ