Apple Gobbles Up More Cupertino Office Space
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Apple continues to gobble up Silicon Valley real estate, and is now leasing two large office buildings under construction in Cupertino.
The 260k SF lease at Main Street Cupertino is part of a new urban-style, mixed-use center landing next to Vallco Shopping Mall and across Interstate 280 from the futuristic 2.8M SF Apple Campus 2 taking shape. Apple has leased almost every sizable piece of available space in the city, which is leaving office space numbers almost at zero, according to Cushman & Wakefield. Now there's just some 20k SF of office space in the project available, which owner Sand Hill is reserving for smaller biz and startups, reports the Silicon Valley Business Journal.
Apple employs more than 16,000 people in Cupertino. A Cushman source tells Bisnow that Apple has been gobbling up space before it hits the market and there's no real absorption because Apple takes everything before it comes on line. And when the developer first announced the Main Street Cupertino project, it said it didn't want Apple, but rather a tenant mix (that thought process clearly changed). There are virtually no new developments in Cupertino that aren't already called for, adds the source. The tech giant recently revealed plans to dump $1.9B into data centers in Ireland and Denmark. It's Apple's biggest European investment to date, and the centers will be powered by renewable energy. [SVBJ]