Silicon Valley Multifamily & Mixed-Use Boom Recap
July 27th, 2017 / San Jose
Silicon Valley’s booming job market has significantly impacted the way multifamily developers and investors approach their projects. From lack of affordability to parking constraints, various local issues are causing concern for the future of Silicon Valley multifamily. Polaris Pacific’s Vice President, Research Miles Garber joined fellow industry experts at Bisnow’s Multifamily & Mixed-Use Boom event to discuss the top five trending issues.
Falling right behind the number one issue of lack of affordability comes the second most concerning point surrounding the fact that demand is far outpacing supply. Mr. Garber discussed the region’s local data, showing strong demand for for-sale residences and a quick 15-day selling average for condos (60 days on the market is typical in a balanced market). As the region’s job growth continues to significantly outpace housing, experts say it could have significant impacts on future growth as employers rethink The Valley.
Additional multifamily issues centered on low-cost communal living, ongoing city pressure for mixed-used projects and parking and the lack of parking and electric vehicle capabilities.