Article from Katherine Conrad at Mercury News on how Google and Yahoo have redefined the Silicon Valley’s commercial real estate market.
Not by launching Ajax powered real estate channels, but by buying up loads of new Valley based commercial complexes:
In the past year, Google gobbled up yet another portion of land and buildings in Mountain View’s Shoreline Technology Park for $319 million; Apple announced plans to buy 50 acres in Cupertino for more than $160 million; and Yahoo worked under the radar to buy 46 acres in Santa Clara for about $50 million.
“People were saying that everyone is moving out of California and technology is going to India, but those three companies with their commitment to staying in the valley and expanding heavily has given the valley a whole new breath of hope,” said Patty McGuigan, a 26-year veteran broker with Cornish & Carey, who handled several deals with Google.
Or as Jim Kovaleski, managing partner at NAI/BT Commercial, put it: “These guys are saying with their pocketbooks that, `We’re committed to Silicon Valley.’ ”
I have a couple of commercial shopping centers with space for lease and need some ideas for getting space leased up.