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Facebook to leave downtown Palo Alto

Original post made by Evan, Crescent Park, on Jun 24, 2008

Remember the PA Weekly article about the effect of the hundreds of Facebook employees on downtown Palo Alto. Well, it looks like Facebook has outgrown University/Hamilton Ave:

Web Link

What will be the effects of the move? Decreasing rents, thanks to the lack of employer-subsidized renters in downtown? A much older crowd populating downtown PA on weekends?

Comments (4)

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Posted by Evan
a resident of Crescent Park
on Jun 24, 2008 at 11:20 am

Evan is a registered user.

Link to the Weekly's Feb. story:

Web Link

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Posted by Bye-Bye Facebook
a resident of Another Palo Alto neighborhood
on Jun 24, 2008 at 1:51 pm

Facebook rented the same office space where GOOGLE started. Seems these companies start in Palo Alto but then move on to bigger and better spaces in Mountain View, Sunnyvale, and Santa Clara. Can't say I blame them, office space is cheaper down there.

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Posted by VC
a resident of Old Palo Alto
on Jun 24, 2008 at 2:52 pm

Bye, bye...this improves our jobs housing imbalance. It won't result in rent decreases, because this is a destination city. What's really needed is serious rent control legislation. Will that happen? Probably not.

Also, Facebook and the other social networking companies (MySpace, Twitter, etc) has got to be the most seriously overvalued bunch of companies since AOL. Facebook?? Get serious. Who cares?

Like this comment
Posted by pete
a resident of Professorville
on Jun 25, 2008 at 7:39 pm

I wonder how much revenue Facebook generates for our City. Google is a cash source for Mt. View. Any profitable business is worth keeping, but I doubt our City business department has made much effort to keep Facebook. A few years ago there were many empty buildings in downtown. We cannot afford this again.

The many employees who eat at the local restaurants will be missed - another lost revenue source.

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