Valleywag, the uber-obnoxious Bay Area gossip blog has a great piece on the impact a rapidly-expanding Facebook.com has on downtown Palo Alto (The Institute is right across the street!)
Real Estate: Facebook takes over Palo Alto - Valleywag:
Is Facebook the new Google? In one respect, yes. Just like the ever-expanding search engine, Facebook is gobbling up prime Silicon Valley real estate, setting its sites on downtown Palo Alto's office space. In addition to their main offices at 156 University Avenue and 164 Hamilton Ave, they recently opened up a third office across the street at 151 University, and will expand into another building on Hamilton sometime this fall. Add to that its $600-a-month subsidy to employees who live within a mile of the office, and the company's affecting rents, too. With 300 employees, and more being hired, Facebook's expansion is no surprise. But most tech hacks, writing from the comfort of their San Francisco desks, have only noted the company's cultural impact. If you're a Peninsula dweller, it's hard to notice the physical -- and economic -- impact. Here's what the influx of fresh-faced Facebookers means to you.