Experts claim San Jose is a "metro to watch"
Real estate experts at the Urban Land Institute’s "Emerging Trends in Real Estate" forum have determined that San Jose is a metro to watch. The Silicon Valley/San Jose Business Journal reports that the California metro has come in third in the nation for real estate investment and development for the upcoming year, and second in the state - just behind San Francisco. Real estate in San Jose is showing positive feedback from potential homebuyers and housing experts alike.
"San Jose is up, up, up across the board," real estate professional Charles DiRocco told the news source.
The city’s residential and commercial property ventures in the past year have indicated that the future is bright for the metro. For homebuilding, San Jose is ranked number two.
One of the primary factors contributing to the positive improvements the city has seen in 2012 is strong job growth.
According to the United States Department of Labor’s statistics for the San Jose-Sunnyvale-Santa Clara area, about 950,400 people were employed in the region in October 2012. The unemployment rate was 7.9 percent that same month and down from 8.4 percent back in May 2012. Key industries like technology, professional services and manufacturing are thriving in the region and offer plenty of job opportunities for potential homebuyers looking to relocate to the city.
"San Jose and the broader Silicon Valley will continue to generate jobs in a variety of fields, but most will be in high technology," the report states, according to the news source. "Industrial diversity is limited in San Jose and could be a concern for investors. However, the more than 6,600 technology companies based there employing over 255,000 people make it an area of interest."
Commercial vacancy rates in San Jose tightened in the third quarter, indicating that more businesses are moving into the city. If the compete numbers for the last three months of 2012 show similar upticks, employment figures could also rise as companies seek out new people to fill those spaces.
Potential homebuyers looking to move into a thriving metro may want to consider San Jose. Known as the Capitol of Silicon Valley, employment opportunities are in abundance as the national economy continues to rebound from the recession.