Downtown San Jose has experienced a notable increase in economic activity, including an 8.3% rise in jobs to 27,400 during the 2025 fiscal year. The area is witnessing a recovery from COVID-19 impacts, with foot traffic increasing by 7% over one year. Approximately 23,000 residents live downtown, which has remained stable compared to previous years. However, office vacancy rates worsened slightly to 29%, although rental rates improved to an average of $4.37 per square foot, indicating favorable developments in the commercial sector.
Downtown San Jose has produced an upswing in economic activity, with jobs and foot traffic showing improvement amidst broader economic headwinds. In the 2025 fiscal year, downtown San Jose accommodated an estimated 27,400 jobs, up 8.3% from the previous year. Despite high office vacancy levels at 29%, average asking office rents improved slightly to $4.37 per square foot, signaling positive changes in the commercial real estate market.
About 23,000 people lived downtown in the 2025 fiscal year, indicating a steady population despite recent fluctuations. The number of residents had varied from a peak of 24,000 in mid-2021 to 21,400 in mid-2023, showing some resilience in the face of economic challenges.
Foot traffic in downtown San Jose rose 7% over a one-year period ending in April, reflecting a rebound in local commerce and visitor engagement. This increase suggests a gradual return to normalcy and growing interest in the area post-pandemic.
The city government reported that despite the lingering impacts of the COVID-19 pandemic, downtown San Jose continued to make visible progress, transitioning and reinvesting to stimulate local economic recovery.
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