Get to know JLL's global leadership team. So, higher cost residential supply continues to grow, while the number of people that can afford those units is a small and shrinking part of the population. While cost-burdened renter households continue to grow, average asking apartment rates and the wages required to afford them (based on 30% of gross income) have also grown (see Figure 1): As of 2021, an estimated 54% of households can afford the average rent in the US. The boom times for Silicon Valley, Colliers reported, produced a string of years during which more space was filled up than was vacated. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Developers often struggle to justify anything but luxury or high-end apartments even with the use of tax increment financing, public-private partnerships, or other creative tools for the capital stack. Local and smaller banks are much more skewed toward suburban offices (31% share of the market) and medical offices (43%), versus just a 10% share of loans for central metropolitan offices. Apartments have been a hot commodity over the past decade, thanks to a shortage of single-unit residential construction and perceived preferences for renting amongst younger Millennials and older Gen Zers. Find valuable services to support your business at every stage of your journey. This sounds like great news until we cut that number down to reflect the percentage of renter-occupied housing units. This adds to the problem for the banks, and they Among the notable subleases now available, as reported by Colliers: Intuitive Surgical, 88,900 square feet of sublease space at 1388 Kifer Road in Sunnyvale. With an unemployment rate of 5.9% at the close of 2020, Silicon Valley proved to be more resilient than other technology markets, rebounding more quickly than We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. This is true despite a population decline in Marion County since the beginning of the pandemic. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. Just hit yes and continue on your way. Summary and analysis of Silicon Valley's current economic and industrial real estate Trends & insights. Avison Young is your trusted source for commercial real estate office market insights in San Jose - Silicon Valley. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Silicon Valleys tech-rich suburban landscape has been key to the regions economic recovery.
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