While Silicon Valley’s unofficial capital of San Jose — the Bay Area’s biggest city, with roughly 1 million residents — has long been overshadowed by its flashier neighbor, Mayor Matt Mahan envisio…
and a luxury wing with brands like Tiffany & Co. and Versace. The mall’s sales have increased by 66% since 2019.The contrast highlights the changing fortunes of the world’s tech epicenter at a time of industry upheaval and a post-pandemic recovery that has seen dense US downtowns struggle.
San Francisco’s downtown is lagging behind every other major US city in its post-pandemic recovery. Its office vacancy rate has surged to 30% as tech companies opt for remote work, downsize or move away. The city shed 40,000 residents during the pandemic and its population is projected to remain 3% smaller by 2060.
The Bay Area’s center of gravity is shifting to areas that are more “business friendly, larger, and have a greater talent pool,” Mahan said in an interview. “I predict one day it will be the San Jose-Bay Area.” The shift of people in Bay Area is having an influence on the real estate market, which remains the most expensive in the country. The median sale price of a home in the Silicon Valley town of Santa Clara was $1.5 million in July, up 8% from a year ago, according to Redfin. In San Francisco, the price has dropped by 8% to $1.3 million as the city saw more listings and less demand.
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