Skip to comments.Apple Campus Helps Hometown Shine
Posted on 12/12/2012 2:42:32 PM PST by MinorityRepublican
First the personal-computer industry, then the smartphone and then the tablet. The latest area touched by Apple's AAPL -0.44% innovation: its hometown of Cupertino.
As Apple moves closer to breaking ground on its new campus, Cupertino is experiencing a flurry of economic activity, with commercial rental rates surging and construction projects ramping up.
"It brings a sense of confidence to see that Apple is making this significant investment here," says Todd Trekell, a regional senior vice president at commercial real-estate-services firm Borelli Investment Co. He says many property owners are touting their relative proximity to Apple as a selling point.
Cupertino's office rental rates have jumped about 40% in the past year, according to commercial real-estate firm Colliers International. The average asking rate for office rentals was $3.75 per square foot in the third quarter, compared with $2.69 during the same time a year ago. In Santa Clara County as a whole, rents rose about 9% during the same period to $2.79 per square foot.
"Apple, as one of the most successful headquarters tenants, is helping economic growth in the area," says Katherine Roxborough, a vice president at Colliers.
(Excerpt) Read more at online.wsj.com ...