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Market Report

San Jose Multifamily Market Report

1Q 2021

Large Employers Key to Silicon Valley Recovery; Investors Search for Pricing Agreement

Big tech to catalyze job growth. Both Google and Apple have resisted transforming to a permanent work-from-home model, and as the health crisis winds down their workers will return to Silicon Valley. Google will let employees be remote until the second half of this year while Apple has committed to keeping workers away from the office until this summer. The substantial real estate holdings of these two companies hinted at a return to pre-pandemic models, while other Bay Area tech firms that lease office space have more flexibility to alter their strategies. With these two anchors, smaller firms that support them will eventually gravitate back to the market to take advantage of local talent and synergy. These high-paying positions will eventually fuel demand for service industry jobs to return.
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