Google real estate: When it comes to Google Inc (NASDAQ:GOOG) real estate, one thing is never going to change: the fact that the search engine company needs plenty of space. From its search business to its Android operating system, there is no denying the fact that Google is changing the world.
If you are going to take on as many industries as Google, you need plenty of space for everything from employees to equipment and much more. This is why the company continues to purchase and rent real estate at a high rate.
As noted in a recent San Jose Mercury News article, Google has struck several deals to rent or buy offices over the past few weeks.
Not only is the company renting and buying as a means of expanding, but it is doing so on a large scale. In Santa Clara County alone, Google has locked up more than one million square feet of office space in the last few weeks. This includes the purchase of several Mountain View office buildings.
You may be wondering how much money Google is spending. In its recent dealings, the company paid approximately $246 million to purchase seven buildings in the Mountain View area. This purchase will give the company 235,000 square feet of room for expansion.
Does this sound like a lot of money? Of course it does, however, if you are Google you have the cash to burn. Believe it or not, the internet giant paid cash for the office buildings.
In addition to this recent purchase, the Google real estate empire expanded earlier in the month thanks to the leasing of an office building in Sunnyvale. This deal also secured the company 235,000 square feet.
All of this comes on the heels of 500,000 square feet of leased space in Mount View at 100 Mayfield Road, a deal that closed in August.
With all this space, you can expect Google to continue its expansion in the area. For the local job market, this is a nice pick-me-up. After all, the company will need to hire thousands of employees to fill the space.
While other companies continue to cut back or stand pat, the story of Google’s real estate continues to grow.
How do you feel about this expansion? Share your thoughts in the comment section below.