Photo: Wikipedia user Michael from San Jose, California, USA
Autonomous vehicles are the next big thing for several industries, and key players in the tech world are reportedly interested in buying large expanses of property to suit new research and development space.
Apple and Google, along with several unnamed automakers, are reportedly interested in buying real estate in Silicon Valley. The source that provided this insight is a top landlord in the area. In a report from Wall Street Journal, the man is named Victor Coleman and is the Chief Executive of Hudson Pacific Properties.
In a discussion with analysts, he said that the self-driving car field “seems to be a hot demand item,” as several companies are looking for facilities to host their research-and-development teams.
In the discussion, Mr. Coleman said that Google is seeking to use around 400,000 square feet of land in the San Francisco Bay Area, while Apple is reportedly looking for twice as much. Victor Coleman also mentioned Toyota, Tesla, Ford, and others among the companies scanning for space in Silicon Valley. We must note that Ford already has a development center in the area.
Both Google and Apple representatives declined to comment the matter for the Wall Street Journal. As the business-oriented media already specified, both Google and Apple own massive facilities in the area, as well as rent additional square feet nearby, depending on need, and the surfaces add up to “millions of square feet.”
Therefore, their search for a space of 400,000 square feet, or 800,000 square feet, should not surprise anyone, especially when it comes to companies like Apple and Google, which would not have any issues with investing at this level. After all, if the self-driving car field pays off, both companies could earn even more money.
Despite that, Silicon Valley’s tech bubble is not about to burst, but has reduced its growth regarding real estate. It looks like autonomous cars are the next thing that will make the San Fernando Valley a place where people will develop new tech that will generate massive revenue. That said, Apple is allegedly developing its super secret car in Europe, so the real estate boom in the Valley may not be so powerful after all.
In a discussion with analysts, he said that the self-driving car field “seems to be a hot demand item,” as several companies are looking for facilities to host their research-and-development teams.
In the discussion, Mr. Coleman said that Google is seeking to use around 400,000 square feet of land in the San Francisco Bay Area, while Apple is reportedly looking for twice as much. Victor Coleman also mentioned Toyota, Tesla, Ford, and others among the companies scanning for space in Silicon Valley. We must note that Ford already has a development center in the area.
Both Google and Apple representatives declined to comment the matter for the Wall Street Journal. As the business-oriented media already specified, both Google and Apple own massive facilities in the area, as well as rent additional square feet nearby, depending on need, and the surfaces add up to “millions of square feet.”
Therefore, their search for a space of 400,000 square feet, or 800,000 square feet, should not surprise anyone, especially when it comes to companies like Apple and Google, which would not have any issues with investing at this level. After all, if the self-driving car field pays off, both companies could earn even more money.
Despite that, Silicon Valley’s tech bubble is not about to burst, but has reduced its growth regarding real estate. It looks like autonomous cars are the next thing that will make the San Fernando Valley a place where people will develop new tech that will generate massive revenue. That said, Apple is allegedly developing its super secret car in Europe, so the real estate boom in the Valley may not be so powerful after all.
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