Internet companies are facing massive layoffs and closing up shop in the Bay Area. How will this impact real estate in the region?
"Eighty percent of the remaining Internet companies in the San Francisco Bay Area will close their doors during the next year, causing thousands of layoffs and freeing up a vast amount of office space, new research says. In looking how the technology sector malaise is affecting the San Francisco Bay Area's real estate market, the report estimates that Internet companies will give up about 4.6 million square feet of office space between 2001 and 2003 and that 1.4 million square feet of renovated space will re-enter the market in 2001 and 2002."
Thanks to Abhijeet Chavan
Read the full story: Will tech boomtown become a ghost towm
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