New numbers show San Jose still has a long way to go when it comes to bringing businesses and vibrancy back to downtown. Damian Trujillo reports.
New numbers show San Jose still has a long way to go when it comes to bringing businesses and vibrancy back to downtown.
While the downtown retail vacancy rate is the highest it has been since the great recession of 2008, Mayor Matt Mahan said the vacancies are not as bad as they appear.
"I think all downtowns are challenged right now," Mahan said. "We're seeing high commercial vacancy rates."
Mahan also points to many positives helping turn things around -- he's been to 31 downtown ribbon cuttings this year, including the new Rolati's restaurant across from San Jose City Hall and the new 1 million square foot J. Paul Office Building on Park Avenue.
The vacancy rate skyrocketed when the new office building opened, according to Mahan. Now it is a matter of filling the additional office space.
"There are a lot of signs that we're turning the corner," Mahan said. "Sales tax revenues are the highest they've been pre-pandemic. Foot traffic is up to 75%."
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