Relocating to the Bay Area – Challenges in Real Estate and the need for Destination Services
For decades, the San Francisco Bay Area, located in Northern California and comprised of nine counties surrounding the San Francisco and San Pablo estuaries, has traditionally had a strong real estate market.
This strong market is a result of three major factors: the region is home to approximately 7.65 million people, it has a concentrated presence of the world’s largest high-tech companies and technology startups, and it has a lack of useable land on which to develop new housing.
Despite a cooling off of the housing market at the end of 2014, 2015 brought a surge in home prices in virtually every community in the region. This has led to significant challenges for companies looking to relocate employees into the Bay Area.
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