2,210 Silicon Valley multifamily units in the pipeline near public transportation
The desire to live in a live-work-play environment is a key factor when considering where to live
June 19, 2019
- The desire to live in a live-work-play environment is a key factor when considering where to live, particularly amongst the millennial workforce. Not only is access to amenities important, but Bay Area talent also wants to be closer to public transit options to shorten commute times to work and avoid traffic congestion.
- Since 2017 and projected through 2020, approximately 6,200 multifamily units will have been delivered within a 15-minute walking distance to either a Peninsula or Silicon Valley Bart or Caltrain station, which are generally located within live-work-play nodes.
- Although apartment rents have increased substantially in recent years, it has had little effect on demand for these units as vacancy rates remain low.
- Developers will likely continue to concentrate multifamily development in and around these live-work-play nodes in response to strong rental and tenant demand.
Source: JLL Research