09 Aug ‘Snapping’ Up Silicon Beach
In the past few years, Silicon Beach has been stepping up its game in the tech industry, initiating itself as a major competitor for the Bay area’s Silicon Valley. One reason for this, as noted by Inc., is that the cost of living (gasp!) and the quality of life in Southern California is more appealing to the tech company culture. The lifestyle is more laid-back, where employees can be active members of a vibrant community, and the weather’s always warm. It is also easier to raise capital for startups in Los Angeles rather than in San Francisco, making sunny SoCal all the more inviting.
So far, we’ve seen Facebook, YouTube, Yahoo, and even Google make their mark on Silicon Beach. In 2014, Google bought $120 million dollars of real estate to make a SoCal campus to match their Silicon Valley campus. Now Snapchat, a media company worth $17 billion and having more daily users than Twitter, is literally ’snapping’ up real estate in Venice, further adding promise to Los Angeles’s growing tech community.
Not only is Snapchat purchasing much sought-after office space near the Santa Monica airport, but the company recently purchased an entire apartment building in Venice to begin their version of the urban campus. According to the Los Angeles Business Journal, they signed a 3-year lease on the Navy Apartment building, only a few minutes walk to their Venice offices. No official reports have been released from Snapchat, but the building is rumored to be housing for promising interns. Coupled with the Rams moving back to Los Angeles, SoCal is in an exciting time of growth and prosperity, and we should see the emergence of interesting collaborations between the tech and entertainment industries as Silicon Beach continues to grow. Stay tuned for more exciting updates!