In 2013 Google Expected To Construct Up To 1.2 Million Sq. Ft. In Additional Office Space
Google Inc. (NASDAQ:GOOG) is expected to build an additional 1.2 million sq. ft. of office space in 2013. However several city council members criticized a proposal by Google to build bridges over a creek in Mountain View that connects their existing offices to land that they are leasing from a federal agency. Google plans on using the additional land for offices, recreation facilities, and corporate housing.
This would make Google’s offices cross public trails along Stevens Creek. Stevens Creek is used by outdoor enthusiasts and commuters. The trails would remain public, but the city council members are concerned that they would need to relocate part of the trail due to Google’s construction of bridges.
Google is also signaling that they want to tear down some of their existing buildings and replace them with denser buildings. Google currently leases and owns about million square feet of office space in Mountain View, California.
“In the 12 years that Mountain View has been our home, we’ve worked with the city to give back to the community. We look forward to continuing this relationship well into the future,” stated a Google spokesperson.
Google arrived to their Mountain View headquarters in 1999. Google pays Mountain View, California about $9.5 million in annual property-tax revenue and $6.6 million more from their additional leased properties.
After Google went public in 2004, restaurants became busier and the housing prices grew due to all of the millionaires (and billionaires) that work for Google. Google also started providing free wireless Internet to the entire city of Mountain View. Google is also pledging $1 million to help fund local schools. For the new signed long-term lease to use 9 acres of city property, Google agreed to pay $30 million up front.
[WSJ]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry