There is no question that my three children provide me with tech support and know more about iphones, apps and cool new technology than I do but what I do know is there is growing trend in the San Francisco commercial real estate market that bodes well for Lamorinda long-term home values. The high-tech boom over the last three decades has primarily benefitted home values in the Silicon Valley and surrounding South Bay areas and has eluded Lamorinda because of the long commutes down to the Peninsula. In recent years, this situation has begun to change with many big name technology firms deciding to headquarter in or open offices in San Francisco. It is quickly becoming in vogue for these firms to move north along Highway 101 or 280. These companies value San Francisco whether it be because it is culturally rich, centrally located, temperate or just a really cool place to work. This trend puts Lamorinda in reach to all technology employees that now work in San Francisco and are looking for great schools, walkability and public transportation - not to mention all of our great new restaurants and food shopping options.
To name a few, Twitter, Saleforce, Spotify, Dropbox, Airbnb, Square, Uber and Zendesk are all headquartered in San Francisco and Google and Apple have both recently added sizable office space in the City. Google recently announced that it purchased a building along San Francisco's waterfront and is leasing 250,000 square feet at One Market Office Plaza. LinkedIn is building a 26 story headquarter building on Second Street that will house 2,500 workers and Salesforce is building what will be the tallest building in San Francisco that will be over 714,000 square feet. According to CNET, since 2010, 31% of the jobs created in San Francisco are in the tech industry. I have seen this trend first hand as many of my clients work at these firms mentioned above.
This shift is nothing but good news for the long term impact on Lafayette real estate. Many of my buyers ask if the market is going to calm down and if it will become less competitive to buy a home in Lafayette in the near future? If this trend continues there will only be more buyers out there looking to call Lafayette home.
Please feel free to call or email me your real estate questions or for a free home evaluation. I can be reached at (925) 951-3817 or by email at email@example.com.