There's Still Room For Value Growth In Silicon Valley. Here's Why.
From big tech office expansions to industrial, mixed-use and multifamily projects, Silicon Valley is abuzz with activity. Today, we bring you 2016 predictions from two of our expert speakers at Bisnow's Future of Silicon Valley: Hot Projects event Feb. 25 at Irvine Co's Santa Clara Square.
Trammell Crow principal Will Parker tells us 2015 was an impressive year for the industry in Silicon Valley and 2016 looks like a year of potential progress, though not without volatility. That's a pic of Will with his father at the groundbreaking for Trammell Crow's Oaks Logistics Center in Livermore.
Will tells us Trammell Crow will be watching three product types in the market currently in process: industrial manufacturing, office and multifamily. Though macro noise plays a role this year, he expects on-the-ground data points and interest in Silicon Valley to persist. What will do well? From the development/owner perspective, Will tells us, properties that address real constraints, including transit-oriented projects and best-in-class industrial, are scarce and attract interest from key requirements in the market.
High Street Residential, a wholly owned subsidiary of Trammell Crow, is developing a large mixed-use project at Diridon Station in San Jose featuring approximately 1M SF of Class-A office buildings, retail and a 325-unit luxury residential tower, he says.
We'll be holding our event at Santa Clara Square (above and below) and are excited about an exclusive tour of the site afterward. We caught up with Irvine Co Regional SVP Hanns Lee for his thoughts on Silicon Valley in 2016.
Hanns tells us he expects businesses with lasting value propositions will continue to expand and talent acquisition and retention will remain extremely competitive. That drives business leaders and HR execs to look for every possible advantage to attract talent—including improving the quality of their workplace, he says.
Hanns predicts the ongoing regional housing shortage will cause companies to locate where their employees can find housing. While location is always important, so is the destination itself, Hanns tells us. That means projects that include or have immediate access to modern office space, quality dining, convenient services and available housing stand out from the competition, he says.