Whether it’s Silicon Alley in New York, Silicon Hills in Austin, Silicon Beach in L.A. or Silicon Valley in the Bay area, it’s the tech sector that’s driving office demand.
“Josh Payne spent seven years in San Francisco, where a technology boom has pushed office rents to the highest level in a decade. He headed south to Los Angeles’s Venice area when starting his Internet firm, StackSocial Inc.
Payne and his 10 employees moved in August into a Frank Gehry-designed loft with three-story-high windows that overlook the Pacific Ocean and the boardwalk’s parade of characters, such as the roller-skating electric-guitar player Harry Perry. StackSocial cut its costs by sharing the 3,000-square-foot (280- square-meter) space and its $9,000-a-month rent with another startup, Lettuce LLC, which produces order-management software.
“There’s no way that we would have landed this type of location for this money in San Francisco and the Bay area,” said Payne, founder and chief executive officer of StackSocial, a one-year-old company that operates an online marketplace for software and gadgets. “It is difficult to get really cool, creative office space companies like ours are looking for at prices that are affordable…”
READ FULL ARTICLE [web]