Silicon Valley Sees Immense Growth
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Allen Matkins - UCLA Anderson Forecast Archive
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LOS ANGELES-Commercial real estate development in the Silicon Valley isn't just performing well as compared to the rest of the state, but the area could be the strongest in the entire US. A recent Allen Matkins/UCLA Anderson Forecast survey found that real estate professionals had the most positive outlook for this area in all of California.
The technology sector is driving strength in the Silicon Valley, where growth was up by 12% in 2010. The danger that the forecast saw is a tapering off of new development in years to come because the market is so hot right now.
Meanwhile, San Fracisco vacancy rates are tightenging because of tech strength in that area. Not much new development is expected there, but redevelopment is hot. The East Bay is the region that is having turnaround problems due to a lack of employment and will take a couple of years to bounce back.
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