REAL ESTATE TOPICS
Tech Industry's Influence on Housing Shift
Changes in the technology industry are redefining the housing markets where tech dominates the landscape. For example, as San Francisco became an urban bedroom community for workers in Silicon Valley, home prices and rents there have soared, outpacing most other major metro areas across the country. With the median rent hitting $3,200, many San Franciscans were forced to move to Oakland and Berkeley, putting upward pressure on housing costs in those markets as well.
Seattle and Denver are two other cities where the tech industry is driving gains in residential prices and rents. The higher salaries of tech workers have fueled these increases. Office and retail real estate have changed as well, in terms of the amenities offered, to appeal to tech workers and the decreasing size of workspaces.
Moreover, the tech and creative industries are driving younger and hipper workers toward walkable urban centers in close proximity to public transit. With urban workspaces in high demand, experts say suburban office parks may have to be repurposed.
Source: "How the Tech Industry Is Redefining Real Estate," Realty Times (Jan. 13, 2015)
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