Silicon Valley Tech Boom Sparks Huge Real Estate Sale
SANTA CLARA (KCBS) — The booming tech economy in Silicon Valley, along with the hot real estate market is being credited for the largest property sale in the Bay Area this year.
According to a recent regulatory filing, long-time real estate investor and developer Carl Berg is selling about 100 commercial properties in Santa Clara County and Fremont.
The deal is worth about $1.3 billion. Realty developer Divco West is the buyer and will gain control of seven million square feet of office and research space when the deal is complete.
KCBS’ Betsy Gebhart Reports:
Analysts agree it’s the tech boom that is driving the real estate buying opportunity. John Yandell of Cornish & Carey said the Silicon Valley has been the bright spot of the nation over the past couple of years.
“Technology is obviously is here to stay and that is our bread and butter right now,” he said.
In the last year or so, Apple, Dell, Google and Samsung have lapped up millions of square feet of office space in the South Bay.
Yandell said the trend started in Palo Alto and Mountain View and is moving its way down to Santa Clara and San Jose.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)