Apple to Add $1 Billion Campus in Austin, Tex., in Broad U.S. Hiring Push

[dimondpark]

Originally Posted by mhays

Many tech leaders are very vocal (publicly and to us in construction) that they're expanding to other regions largely because it's hard to hire and retain people in San Francisco.

Oh Im sure companies seeking cheaper digs and a mountain of tax breaks are crying all sorts of swan songs about SF, but I look at actual data and as of Dec 19, nearly 12 million sq ft of office space has been gobbled up in downtown SF this year alone...

Originally Posted by San Francisco Chronicle

Tech drives SF office-space market to record in 2018
Roland Li | on December 19, 2018

San Francisco’s market for office space set an all-time record in 2018, as companies struck deals for 11.9 million square feet — space for nearly 80,000 employees.

New deals and lease renewals in 2018 surpassed the previous record of 11.8 million square feet leased in 2014, when Salesforce signed its landmark deal for Salesforce Tower, according to brokerage CBRE.


This year, Salesforce grew again, leasing a proposed skyscraper near the tower as it became the city’s largest private employer. It was joined by fellow tech giants Facebook, Google and Amazon, which all expanded downtown.

The tech sector accounted for around 62 percent of all leasing activity in 2018, the highest percentage since 2014. Office rents have soared by 153 percent since 2009, when the global recession ended, to more than $81 per square foot this year, an all-time high, according to CBRE. Leasing activity more than doubled from 5.9 million square feet in 2009 to 11.9 million square feet this year.

“The level of growth in 2018 was beyond expectations, given how strong of a year 2017 was and how low the vacancy rate was at this time,” said Colin Yasukochi, CBRE research director...

https://www.sfchronicle.com/business...o-13478731.php

The biggest pond in the world doesn't help when it also has the most competition and absurd housing prices.

I dont mean to sound arrogant but in my long experience working with these people, those who are on a mission to make it big here will find a way to make it work. Maybe the folks who leave just arent into that idk

The proof is in the continual flood of local start ups that become global brands year after year. I cant think anywhere else with that track record.

But I digress, I feel a recession is coming and we always get hit the hardest so we'll see.

[mhays]

That least statistic includes renewals.

Your impressions don't differ from mine. Major expansions are tough in the SF area, and companies of all sizes are still trying to expand.