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Flats at Sunnyvale Leasing is underway at the Flats at CityLine Sunnyvale, a 198-unit multifamily/mixed-use community.

SUNNYVALE, CA—The Bay Area has enjoyed heightened employment gains during the current economic cycle. In total, the region has added around 744,000 jobs, on par with another regional powerhouse for job creation, Dallas/Fort Worth.

But with that job growth comes housing demand and that is where the Bay Area comes up short. Developers have completed roughly 53,700 units in the Bay Area region during the current cycle, growing the existing inventory base by 9.4%. With relatively little new supply, occupancy rates have rarely strayed far from the cycle average of 96.2%, according to a report by RealPage. The disparity in demand despite numbers of jobs gained underscores the fact that regardless of the need for housing that comes with job production, a market can’t absorb product that isn’t there.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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