Melinda Young
As published in Scotsman Guide's Commercial Edition, August 2007.
It has been less than 10 years since the dot-com bust hit high-tech mecca Silicon Valley. But the region -- defined as the south end of San Francisco's Bay Area -- is bouncing back.
Job growth is inching up after several years of contraction. Its 150 largest companies posted $407.4 billion in revenue in 2006, a record for the third-consecutive year, according to the San Jose Mercury News. And the housing market is stable with a median home price of $862,500, four times the national average.
Indeed, the area remains a symbol for wealth and ingenuity. It garnered 26 percent of all U.S. venture capital in 2005, according to Joint Venture.
All this makes for a steady commercial real estate market. The rental market is faring especially well, given the cost of housing. In third quarter 2006, rent for a one-bedroom apartment was 11.4 percent higher than the year before, according to the San Francisco Chronicle. The region's largest city, San Jose, also is undertaking $700 million in mixed-use and multifamily development to meet growing demand.
Perhaps there's still something to be said for Silicon Valley being a land of opportunity.
VITALS
↑ Population: 1.73 million
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Population in 2000: 1.68 million
↓ Average commute: 23.6 minutes
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Average commute in 2000: 26.1 minutes
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U.S: 25.1 minutes
↑ Median household income: $76,810
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Median household income in 2000: $74,335
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U.S.: $46,242
↑ Median age: 36.2 years
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Median age in 2000: 34 years
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U.S.: 36.4 years
↑ Inflation (Consumer Price Index for Bay Area, April 2007): 3.3 percent
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Inflation in Bay Area, April 2006: 3.2 percent
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U.S.: 2.6 percent
↓ Unemployment (metropolitan statistical area): 4.4 percent
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Unemployment in MSA, April 2006: 4.5 percent
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U.S.: 4.5 percent
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