Quote:
Originally Posted by Crawford
Why was my statement "wrong"? Nothing you wrote contradicted what I wrote.
Again, why can't Apple move to SF? Why would a "cap on office space" stop Apple from moving there? You think they can't buy an existing building or lease existing space?
Prime SF generally has lower rents and more available space than prime Silicon Valley. I'm pretty sure Apple could afford to house their executives on the moon if they wanted to.
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San Francisco has one of the lowest vacancy rates in the country. Its vacancy rate is lower than San Jose's. Apple has a large app development team being built here, and that is an admission that Cupertino is not an easy sell for some of the Millennials is wants to hire. However, Apple prefers it's own domain where they can control access and interactions. The exact opposite of the built environment of SF's Financial District and SOMA.
As for rents, SF outpaces Silicon Valley by many dollars. Only the VC haven on Sand Hill Road commands the same per square foot rents as downtown SF. Otherwise, Silicon Valley sprawl is much cheaper. Additionally, Prop M caps the construction of office space in SF. Large blocks of available corporate footage is much harder to assemble than down on the Peninsula. Google and Facebook stayed in their respective locations because it served them well in their initial growth and there is significant capital investment already in place. That said, both companies have very large development/operational hubs in SF.