Expanding technology sector in San Jose is attractive to potential homebuyers
The nation's economy is steadily improving, and this is notably apparent in San Jose. The California city features a number of new businesses intending to open within the metro. A potential homebuyer looking to move into a strengthening metro economy that features an improving job market may want to consider purchasing one of the homes for sale in San Jose.
Competing tech companies expand into the area
Mobile phone provider Samsung is expected to open a new Silicon Valley office in the near future. The Silicon Valley/San Jose Business Journal reports that the company has submitted plans for a 650,000-square-foot north San Jose campus to the city.
According to city Planning Director Joe Horwedel, the architecture firm NBBJ developed plans for the 10-story building. However, the design is still in its early stages and is expected to continue to evolve. Depictions of the structure show the building having three overhanging horizontal plans that appear to be suspended at various heights. The news source reports that an interior green courtyard or outdoor space may also be included in the design.
Some have speculated that the new office is just another way in which Samsung is attempting to compete with Apple. The idolized company has started construction on a new building in nearby Santa Clara, which could house more than 1,200 workers, The Oakland Tribune reports.
"It's great that Apple and other companies such as Google are expanding in Silicon Valley," local commercial real estate expert Reed Payne told the news source.
Apple, for its part, has leased nearly 296,000 square feet from a local developer, which included the demolition of all the buildings that were standing on the site.
"What Apple is doing is one of the highest levels of expansion we have seen for any company," said real estate professional Todd Shaffer, according to The Oakland Tribune.
Now, two six-story office buildings will be constructed on the site. According to the news source, Apple has outgrown its current space while waiting for the much-anticipated expansion in Cupertino. That circular building is circular shaped and has been dubbed the "spaceship" by media outlets and locals. Once the 1 million-square-foot building is complete it will house a large number of local professionals.
Apple hopes to relocate 14,000 employees to that new office – up from the previously estimated 12,000.
"Apple is doing well, which is whey have these aggressive expansion plans," Tim Bajarin, principal analyst with Campbell-based market researcher Creative Strategies, told the news source. "You cannot underestimate Apple's ability to achieve innovation. Their products are in demand. They continue to hire."
The Oakland Tribune reports that there is still speculation whether Apple will keep the new Santa Clara buildings open once the "spaceship" location is open, which is scheduled for mid-2016.
Back at the Samsung location in San Jose, officials are trying to determine if this new building will adequately house the second largest semiconductor manufacturer in the world, and if its plans to expand in the Silicon Valley are enough. The company's growth and continuous dedication to expansion in the region will make it more competitive in the long run with more recognizable heavyweights like Google and Apple.
Information technology professionals seeking to advance their career in this booming metro may have to act fast, as they're in the midst of a developing buyers' market. Real estate in San Jose offers plenty of economic and social benefits for young couples or established families.