SAN FRANCISCO—The social media comapny, Facebook, is rumored to be expanding its offices into the Bay Area.
Facebook has indicated that it is contemplating leasing hundreds of thousands of square feet in San Francisco; the development would be part of Facebook’s real estate growth strategy, according to the San Francisco Business Times, who was first to break the news.
No specific deals have moved forward and the plans are preliminary. Facebook maybe waiting to pursue a deal until after the city’s Central SoMa Plan is approved, which could lead to the development of millions of square feet of new office space.
The San Francisco’s City Planning Department website described the Central SoMa Plan as: “The creation of a sustainable neighborhood by 2040, in that the neighborhood meets the needs of the present without compromising the ability of future generations to meet their own needs. The Central SoMa Plan seeks to achieve sustainability in each of its aspects – SOCIAL, ECONOMIC, and ENVIRONMENTAL.”
From an economic perspective, implementing the Plan’s strategies would enable the development of up to 50,000 jobs and 7,500 housing units in the Bay Area, according to the SF City Planning Department.
Facebook has already executed its expansion strategy with a lease of approximately 962,000 square feet of office development in Silicon Valley’s Menlo Park. With the hiring of approximately 6,550 new employees, Facebook is now Menlo Park’s largest employer, according to the city’s 2016-2017 budget.
The social media franchise does already have one small office in San Francisco. Facebook’s Oculus Rift division has 5,000 square feet of office space and is located at 524 2nd St. Facebook officials have paid their employees upwards of $10,000/year to move closer to its present offices.
San Francisco News reached out to Facebook, but they declined to comment on news about a move.