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Market Report

San Jose Multifamily Market Report

3Q 2021

Apartment Market Turned Corner in Spring;
Big Tech to Return in Fourth Quarter and Early 2022

Ongoing health crisis flattens multifamily recovery trajectory. The apartment market in the South Bay had a strong second quarter and was poised for continued momentum as Apple, Facebook and Google made plans to have their employees return to their campuses. However, the emergence of the delta variant and the rise in COVID-19 cases encouraged both Apple and Facebook to delay recalling employees until January of next year and Google to push back its full office opening until mid-October while also mandating vaccines for workers. Although the extensions will make the improvement in vacancy and rents more measured in the second half of 2021, the eventual return of employees to these economic anchors will prompt smaller firms to bring workers back to their offices.
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