Denver, CO

Paramount in
the News

See below for news about Paramount Property Company and our markets.

Tri-Valley Boomtowns were recently covered in Diablo Magazine:

The Tri-Valley has started to boom with more than 450 tech companies with locations in the area. The Tri-Valley encompasses six suburbs; Pleasanton, Livermore, Dublin, San Ramon, Danville, and Alamo; cities along the crossroads of Interstates 580 and 680. Now that so many tech companies have moved into the area, employment surged 35% from 2006-2016, outpacing both San Francisco and Silicon Valley.

Residents of the Tri-Valley cities have fought to preserve their communities, voting down development proposals and adopting a legal force field called an urban growth boundary to limit sprawl by drawing a perimeter for construction in certain areas. Although, many of the assets that made slow growers want to protect the Tri-Valley from the impacts of development- its location, open land, safe suburban neighborhoods, relatively affordable home prices, good schools, and transit options- are exactly the reasons for the region’s explosion.

Even before the tech companies exploded in the Tri-Valley area, the region boasted top-tier schools. Now, there are sky-high graduation rates of 97% and support from a community that allocated millions of dollars to updating school facilities and technology. The talent and level of education and the great schools there fuel the innovative ecosystem. One of the things that is most attractive to businesses looking at the region is that culture of innovation. When companies got wind of the Tri-Valley area that boasted an attractive talent pool, more affordable commercial rents, and enough space to promise shorter commutes they set up shop in the area.

Industry heavyweights such as Verizon, IBM, Chevron, Boeing, Morgan Stanley, and Walmart now have major offices in the area. This cut employees’ commute times to 30 minutes or less. In addition, there are public transit options in the works to connect the San Joaquin Valley and the Tri-Valley; the rail line is expected to be up and running by 2024. The Livermore Amador Valley Transit Authority (LAVTA) increased bus services to run more frequently and feed right into the BART stations in the area. Recently, LAVTA has even started testing driverless shuttles.

The boom in the Tri-Valley has put a surge on the housing market, with the typical home in the area being on the market for no more than 30 days. There were six times as many jobs as housing units created in the Tri-Valley between 2010 and 2015.

Looking at the Tri-Valley by the numbers; 27% of residents are under 20 years old and 361,000 people live in the area, which is above 5% of the Bay Area’s total population. 50% of residents with jobs outside the home commute 30 minutes or less, 19% of jobs are in tech sectors, and 60% of Tri-Valley residents have a bachelor’s degree or higher. 2% of students drop out of high school, there has been a 26% increase in the cost of living since 2007, the Tri-Valley boasts a $42 billion GDP, and 25% increase in wages since 2007.

Although the Tri-Valley is currently the boomtown of the Bay Area, there are many other fast-growing cities in the East Bay that are expected to become major hubs as well. Between July 2016 and July 2017, Newark, Brentwood, Oakley, Dublin, and Albany grew 3.5%, 2.9%, 2.4%, 2.1%, and 1.9%, respectively.

Read the full article here.

Tags: