Huge 773,000 Square Foot Office sublease in Menlo Park

Snowflake just sublet from Meta 773,000 square feet of office space, and this is significant for several reasons. First, for the San Francisco Bay Area this is a huge office deal, but as importantly, Snowflake previously relocated its headquarters to Bozman, Montana. Like many companies seeking a less expensive place to do business than our pricy San Francisco Bay Area, this is a surprise to grow such a footprint where the average price of a ranch home is over $1 million dollars! Also, Austin, which was been a large magnet in attracting California companies, has lost its bloom.  According to Bloomberg the number of companies relocating their headquarters or major operations to Austin has been declining, from 64 in 2022 to 37 in 2023 to just 11 so far in 2024. Meta and Oracle both relocated major operations out of Austin.