A retail property occupied by Whole Foods Market recently sold for $55 million in Los Altos.
LOS ALTOS, CA—Silicon Valley continued to record employment gains in the second quarter, though at a slower pace due to several factors including a market at full employment, slower in-bound migration due to the cost of living and M&A activities. Nevertheless, tech companies in particular are still looking to expand in the Bay Area due to the sheer depth of talent here.
According to the California Employment Development Department, the unemployment rate in the San Jose metro area was 2.8% at mid-year, a 70-basis-point decrease from last year's reading of 3.5%. Overall employment rose by 34,800 jobs or 3.2% year-over-year, which brought the total to more than 1.1 million non-farm payroll positions as of May 2018. The median household income in Silicon Valley continued to be the highest in the country at $118,100, a 3.8% increase year-over-year.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
