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SAN FRANCISCO-A few days ago, GlobeSt.com reported that the big picture for Silicon Valley is that it keeps reinventing itself. That came from a recent presentation by Russell Hancock, president and CEO of Joint Venture Silicon Valley at Cornish & Carey Commercial Newmark Knight Frank's recent forecast event here. In an update to that story, Phil Mahoney, EVP of corporate and institutional services at Cornish & Carey Commercial Newmark Knight Frank, says that the Bay area will continue to lead the nation in 2014.
“Smaller companies will play a bigger role for the Bay Area in 2014,” he said, “which is sort of back to the future… It is healthy, and back to what it has been in the past.”
According to Mahoney, “more people are working in Silicon Valley than ever before, and that is a positive thing.”
As for class A rates, Mahoney expects them to go up in 2014.
Entitlements are expensive, he added, and difficult, and “they aren't going to get any easier in 2014,” said Mahoney.
He also spoke a bit about CalTrain access, which he expects to show a 60% growth by 2035. “That is good news.”
One of the issues to look for, according to Mahoney, is the stock market, “which is getting a slow start this year.” But overall, Mahoney said, “we are pretty upbeat about things in the area.”
Check out the charts below for more from his presentation.
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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.
