San Jose Retail Market Report
Reopening of Technology Campuses in the Second Half of 2021 Key to Retail Outlook
Big tech critical to market’s employment recovery. Google and Apple are beginning to make plans to return their workers to offices as the vaccine rollout continues. Their significant real estate holdings in the area served as an indicator that permanent remote work was unlikely. The arrival of these employees and other tech jobs over the next several months will serve as a catalyst for sectors hit hard by the health crisis. Leisure and hospitality, namely, has been slow to recover. These service jobs primarily cater to Silicon Valley’s tech industry rather than a large tourism sector, like in San Francisco. Nonetheless, some positions are unlikely to be recovered after workers relocated to less-expensive metros and purchased homes.