Also in downtown San Jose, Mountain View-based Google is eyeing development of a massive, transit-oriented project that some have dubbed Google Village. It would create 6 million to 8 million square feet of offices near Diridon Station and the SAP Center. Since word emerged about Google’s areas of interest on the western edges of the city’s core district, investment activity and development plans have sprouted in downtown.
In early May, this news organization reported that investment groups or a realty firm linked to Google had been quietly buying numerous properties near the train station and the SAP entertainment complex. Those purchases began in late December 2016 and continued throughout the first half of 2017.
In the East Bay, property values jumped in downtown Oakland after ride-hailing startup Uber Technologies disclosed plans to move into the old Sears building there. The Google effect could be far greater in San Jose.
“Oakland had its Uber effect, but what Uber is planning in Oakland is about one-tenth the size of what Google plans in San Jose,” Ritchie said.