RISMedia's Real Estate Magazine

FEB 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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82 February 2019 RISMedia's REAL ESTATE R eal estate is already expecting significant changes this year, including surrounding Amazon's soon- to-be-built headquarters in both Long Island City (LIC) and Crystal City. Now, Google and Apple are hopping onboard the expansion train, promising new jobs outside the West Coast that could attract an influx of relocating talent, possibly putting a strain on the local housing markets. Where is the expansion happening? For Google, an expansion in New York City worth $1 bil - lion in capital improvements promises a new 1.7 million- square-foot campus (Google Hudson Square) that could add over 7,000 new jobs to the area. In addition, the company is looking to lease additional space at Pier 57 and make a $2.7 billion purchase of Chelsea Market, according to the Wall Street Journal. While Google already employs over 7,000 people in NYC through core operations, search, advertising, maps and YouTube, the new headquarters would double the present staff, creating stiff competition for rival tech companies Amazon and Apple. Apple, meanwhile, is spreading out across the U.S., adding 100 jobs in NYC, but also expanding in Pitts - burgh, Pa.; Boulder, Colo.; Seattle, Wash.; and San Diego and Culver City, Calif. In addition, Apple is building a new campus in Austin, a $1 billion investment located just a mile away from Apple's existing Austin facilities. The 133-acre, renewable energy-powered campus is set to accommodate 5,000 employees at startup, but has the Amazon First, Now Google and Apple? How These Major Expansions Impact Real Estate by Liz Dominguez {Intelligence}

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