Construction Booms In Northern California
In the early part of the 2000s, loose underwriting requirements surrounding mortgages led to an oversupply of housing in the Bay Area and the rest of Northern California. Then, when the Great Recession hit buying halted, building halted, and Northern California was left with an oversupply of overpriced homes and commercial real estate properties.
Today, the scene is very different. Not only has a growing tech industry and San Francisco’s continued “cool” factor brought Millennials (read: first-time home buyers) to the area in droves, but this growth has also led to the existing inventory of homes and offices quickly depleting. Because building had all but stopped in Northern California, the need for housing for tech employees and office space for rapidly growing businesses in the tech sector has become great.
Currently, Northern California is experiencing a shortage of homes and is in need of commercial real estate properties. To help (and to make the most of a lucrative situation), builders are getting involved. Construction starts in Northern California—particularly in the Bay Area and Silicon Valley—are on the rise and do not show any signs of slowing in the near future.
Northern California looks as though it will continue to grow as long as the tech sector expands, which—in our digital age—seems likely to continue in perpetuity.
Do you want to take advantage of the growth by undertaking a commercial construction project? Now is the time, so contact the expert, dedicated team Parkwest General Contractors. We know how to help you see success at your new commercial property, and can help you from the beginning phases of the project to the day you open your doors and beyond. Do not let poor general contracting services prevent you from making the most of the growth in Northern California; call us today.