The rumors are flying around that Google might be buying real estate in San Francisco for their next big play. Google currently has 20,000 full time employees in 48 offices around the globe. At Google’s current headquarters in Mountain View, employees receive amenities from oil changes to massage therapy. Their current headquarters called the “Googleplex” consumes 2.9 million square feet and has sustainable design including solar panels, organic gardens and bikes to get around the facility.
Google has done quite well in Mountain View over the last several years. If Google moves to San Francisco, it could shake up the housing market in San Francisco quite considerably. Although Google currently has an small office at 345 Spear Street, it only takes up two floors in the building, if the current Mountain View employee wants to go from their headquarters in Mountain View to a SF Giants game, it’s a good 40 minutes away currently. One of the spots Google is rumored to be eying is in Mission Bay, just right around the corner from the stadium.
Mission Bay development plans include 6,000 housing units and various technology and science businesses including the giant University of California San Francisco which is one of the world renowned Medical Schools and Hospitals. Word is they are looking at 14 acres of property which could house up to 8,000 high tech employees. The space was formerly used by Salesforce.com, who moved their headquarter location recently.
There is no doubt that Google is expanding their operations. Google currently has a 360,000 square foot facility in Manhattan pending. Google is gearing to release the new wearable computer device, Google Glasses to the public in 2014. Google GLASS came out of the super secretive division “Google X”, which is also responsible for the self driving robotic cars, which are said to be safer than human drivers.
With the possibility of Google moving to San Francisco, the housing market could get even tighter than it already is to accommodate the influx of employees. Looking back to the history of spikes in real estate prices during the dot-com boom of the 90’s brought entrepreneurs and high paid employees into the city, pushing long term residents out of their neighborhoods due to increase in housing costs. When the crash of the dot-com happened in 2000 with the web 2.0 updates, the neighborhoods shifted back to a more eclectic mix, yet the housing market still remained hot. If Google does move into the city, it could push prices up fast.
If you are considering selling or buying a home, subscribe to our newsletter for the latest news in San Francisco real estate from Highrises.com - the only high-rise real estate specialist company.