Dallas, Texas 07/10/2015 (Financialstrend) – Apple Inc. (NASDAQ:AAPL) is leasing a 300,000 square foot property in San Jose as the iPhone maker moves to make its first dip into the city’s real estate waters. The move could have an immediate impact on the City’s push to attract other big tech companies expected to have a big impact on the local economy.
Need For Space
Apple Inc. (NASDAQ:AAPL) has not yet shared any details on what the property is for, how many employees it will house and what they will be doing. The company has been investing and expanding far and wide as it looks to generate more than $200 billion in annual revenues. The expansion drive has seen its headcount grow to 92,600 full-time workers up from 80,300 a year earlier.
Apple Inc. (NASDAQ:AAPL) has leased over 845,000 square feet in Sunnyvale and Santa Clara as it looks to house its ballooning workforce. There have also been reports that the company is pursuing more office space near the 101 Tech Campus.
Apple Inc. (NASDAQ:AAPL) expanding into other areas of growth such as the wearable and the music streaming business continues to necessitate expansion to other cities. The company is the world most valuable corporation and with talk of a tapping into the electric car space its growth opportunities remain solid than ever.
San Jose Growing Profile
The growing workforce has already prompted the iPhone giant to build the iconic spaceship headquarters in California having also leased a number of buildings over the past year. Apple Inc. (NASDAQ:AAPL) presence in San Jose should validate the city as an area worth investing in expected to attract other tech giants struggling to find growth opportunities elsewhere.
Google Inc (NASDAQ:GOOGL) is one of the companies that may be forced to look for other cities to expand its operations having faced some resistance on its growth plans in Mountain View. Such a move would transform the image of San Jose expected to have a real branding impact.