May 3, 2016
Attend Connect San Francisco on May 12 at The Hibernia Bank to learn more about the Bay Area’s CRE market.
While Uber and Apple continue to make headlines of their consolidated campuses, Palantir Technologies continues to lease up more than 250,000 square feet of space in Palo Alto. Palantir, the third most valuable private company in the nation valued at $20 billion, is a software company that provides data mining services for the NSA, CIA, and FBI.
Although the company doesn’t release its office space details, sources say it is expanding and building its long-term existence in Palo Alto, despite rising rents. JLL reports that average yearly rents downtown have risen from $71 to $102 per square foot over the past five years.
Despite the latter, Newmark Cornish & Carey’s Bradley Van Linge says that Palantir’s strategy is to lease spaces bigger than needed, with the intention to sublease to other businesses in the future.