Source: BisNow News
By: Aswin Mannepalli
Date Posted: June 14, 2016
Tesla is gobbling up Bay Area real estate as it aims to build 1 million cars by 2020. The automotive company is closing in on Apple and Google as one of the major real estate holders in the region.
While Tesla officially declares 6.6M SF of commercial space, the San Francisco Chronicle reports the real number is closer to 8.3M SF. The first number only takes into account holdings such as the 5.4M SF factory and 350k SF headquarters. The 8.3M SF figure, however, adds all stores, service centers and 1M SF in facilities that will come online soon. Analysts expect the company to keep growing rapidly to meet production targets. It remains to be seen if the company will grow in the Bay Area or move east as it did when it built the Gigafactory in Reno. Electric car companies such as Tesla competitor Faraday Future also have pursued Bay Area space for their expansion plans. [SFC]
Link to Bisnow Article: Tesla Major CRE Player
Link to SF Chronicle Article: Tesla’s CRE Empire