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PALO ALTO, CA-Developers are looking to building in Downtown Palo Alto. They just need to find parking. So says Jones Lang LaSalle.
Northern California research manager, Amber Schiada, explains that Palo Alto is a highly desirable submarket for both start-ups and professional services firms. “Developers are looking to capitalize on the strong demand in this submarket, but development can be challenging in this city.”
According to Schiada, “parking is a key concern for city officials, and developers will have to provide innovative parking solutions in order to see their projects get off the ground.”
She notes that “Planning officials have been concerned over the loss of parking and the loss of retail space due to expanding tech firms downtown.” For this reason, she says, “there has been much debate over how new development projects provide “community benefit”to the city and has led to lengthier reviews.
She continues to point out that officials are looking at multiple approaches to solve the parking shortage in the downtown area. “This includes a proposed five-story parking garage on High Street.” The developer, Chop Keenan, would pay $7 million for the new structure with an additional $1 million from the city. If the new garage is approved, Schiada says, “the developer would have exclusive parking rights on the 4th and 5th floors to service tenants at his proposed 135 Hamilton Ave. office development.
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Despite the issues, other developers too are still submitting projects. (see details on the graph). According to Schiada, if Palo Alto approved the construction of all the recent development proposals, the total amount of new office space (net of residential and retail) that could potentially be added to the downtown area would be 77,379 square feet.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
