HOW BOTH TECH TENANTS AND TECHNOLOGY ARE DRIVING CHANGE IN REAL ESTATE

The importance of world-class amenities cannot be stressed enough when it comes to attracting and keeping tech clients, according to Silicon Valley developer Mark Calvano. Mark will be one of our expert panelists at Bisnow's The Future of Real Estate event tomorrow at San Francisco's Hotel Nikko.

Mark owns and manages Calvano Development. The firm focuses on office projects in Silicon Valley and San Francisco.

Silicon Valley serves some of the most innovative companies in the world. Design practices in the Valley often set trends throughout the nation. Bisnow talked with Mark about what tech tenants want and the effect of technology on the industry.

To recruit and retain top talent, tech employers need Class-A office projects with full amenities, he says. Bay Area employers and employees want amenities such as cafeterias, childcare, basketball courts, volleyball courts and swimming pools. Companies with a full host of amenities compete well for top talent and also keep employees healthy and productive.

Technology also is affecting real estate, and Mark says the pace of change is so rapid it is virtually impossible to make definite predictions. “Ten years ago nobody had a smartphone," he says, "so nobody knows where technology will be in the next 10 years or even in five years.” Technology is accelerating at an ever-faster rate, and we are likely to be astonished in the months and years to come, he said.

The industry is always deploying new technologies. Today, real estate professionals can watch an animated flyover or fly-through from their own computer or smartphone and have a really good idea what the final project will be like, all before the project has even broken ground. “I am sure technology will likely play an ever-larger role in how we create and deliver office projects,” Mark said.