Misplaced Pages

#637362

36-482: The park covers a 700-acre (280-hectare) area and has 10 million square feet of commercial real estate in an area surrounding Page Mill Road , south west of El Camino Real and extending beyond Foothill Expressway to Arastradero Road. By January 2018, the park's 140 buildings house over 150 different companies and their 23,000 employees. It is currently home to companies like Hewlett-Packard , Lockheed Martin , Tesla Motors , Nest , Skype , TIBCO and SAP . VMware

72-633: A profit , either from capital gains or rental income. Commercial property includes office buildings , medical centers, hotels , malls , retail stores, multifamily housing buildings, farm land , warehouses , and garages. In many U.S. states , residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes. Commercial buildings are buildings that are used for commercial purposes, and include office buildings , warehouses , and retail buildings (e.g. convenience stores , ' big box ' stores, and shopping malls ). In urban locations,

108-399: A Letter of Intent although it is common. A PSA is a legal agreement between the seller and a single interested buyer which establishes the terms, conditions and timeline of the sale between the buyer and seller. A PSA may be a highly negotiated document with customized terms or may be a standardized contract similar to those used in residential transactions. Once a PSA is executed, the buyer

144-403: A certain general amount of internal infrastructure to function, which includes such elements like heating / cooling, power and telecommunications, water and wastewater etc. Especially in commercial buildings (such as offices or factories), these can be extremely intricate systems taking up large amounts of space (sometimes located in separate areas or double floors / false ceilings) and constitute

180-465: A commercial building may combine functions , such as offices on levels 2–10, with retail on floor 1. When space allocated to multiple functions is significant, these buildings can be called multi-use. Local authorities commonly maintain strict regulations on commercial zoning , and have the authority to designate any zoned area as such; a business must be located in a commercial area or area zoned at least partially for commerce. Commercial real estate

216-399: A deal closes, post-closing processes may begin, including notifying tenants of an ownership change, transferring vendor relationships, and handing over relevant information to the asset management team. Building A building or edifice is an enclosed structure with a roof and walls , usually standing permanently in one place, such as a house or factory . Buildings come in

252-543: A fence. Sturgis' Dictionary included that "[building] differs from architecture in excluding all idea of artistic treatment; and it differs from construction in the idea of excluding scientific or highly skilful treatment." Structural height in technical usage is the height to the highest architectural detail on the building from street level. Spires and masts may or may not be included in this height, depending on how they are classified. Spires and masts used as antennas are not generally included. The distinction between

288-409: A group of inter-related (and possibly inter-connected) builds are referred to as a complex – for example a housing complex , educational complex, hospital complex, etc. The practice of designing, constructing, and operating buildings is most usually a collective effort of different groups of professionals and trades . Depending on the size, complexity, and purpose of a particular building project,

324-569: A large amount of land. According to the National Resources Inventory , approximately 107 million acres (430,000 km ) of land in the United States are developed. The International Energy Agency released a publication that estimated that existing buildings are responsible for more than 40% of the world's total primary energy consumption and for 24% of global carbon dioxide emissions. Any building requires

360-663: A low-rise and high-rise building is a matter of debate, but generally three stories or less is considered low-rise. There is clear evidence of homebuilding from around 18,000 BC. Buildings became common during the Neolithic period . Single-family residential buildings are most often called houses or homes . Multi-family residential buildings containing more than one dwelling unit are called duplexes or apartment buildings . Condominiums are apartments that occupants own rather than rent . Houses may be built in pairs ( semi-detached ) or in terraces, where all but two of

396-503: A nearby Caltrain station. The group is exploring several options, including "new shuttles, carpool routes and a trip-planning app". The following tenants currently have offices at the Stanford Research Park: Commercial real estate Commercial property , also called commercial real estate , investment property or income property , is real estate (buildings or land) intended to generate

SECTION 10

#1732772217638

432-426: A set of criteria set out by the buyer. Types of buyers may include an owner-user, private investor, acquisitions , capital investment, or private equity firms . The buyer or its agents will perform an initial assessment of the physical property, location and potential profitability (if for investment) or adequacy of property for its intended use (if for owner-user). If it is determined the prospective investment meets

468-497: A shelter represents a physical separation of the human habitat (a place of comfort and safety) from the outside (a place that may be harsh and harmful at times). Ever since the first cave paintings , buildings have been objects or canvasses of much artistic expression . In recent years, interest in sustainable planning and building practices has become an intentional part of the design process of many new buildings and other structures, usually green buildings. A building

504-522: A variety of sizes , shapes , and functions, and have been adapted throughout history for numerous factors, from building materials available, to weather conditions, land prices, ground conditions, specific uses, prestige , and aesthetic reasons. To better understand the concept, see Nonbuilding structure for contrast. Buildings serve several societal needs – occupancy , primarily as shelter from weather, security, living space, privacy, to store belongings, and to comfortably live and work. A building as

540-421: Is 'a structure that has a roof and walls and stands more or less permanently in one place'; "there was a three-storey building on the corner"; "it was an imposing edifice". In the broadest interpretation a fence or wall is a building. However, the word structure is used more broadly than building , to include natural and human-made formations and ones that do not have walls; structure is more often used for

576-429: Is commonly divided into five categories: Of these, only the first five are classified as being commercial buildings . Residential income property may also signify multifamily apartments. The basic elements of an investment are cash inflows, outflows, timing of cash flows, and risk. The ability to analyze these elements is key in providing services to investors in commercial real estate. Cash inflows and outflows are

612-431: Is commonly required to submit an escrow deposit, which may be refundable under certain conditions, to a title company office or held by a brokerage in escrow. The transaction moves to the due diligence phase, where the buyer makes a more detailed assessment of the property. Purchase and sale agreements will generally include clauses which require the seller to disclose certain information for buyer's review to determine if

648-464: Is dependent on market conditions, current tenants, and the likelihood that they will renew their leases year-over-year. It is important to be able to predict the probability that the cash inflows and outflows will be in the amounts predicted, what is the probability that the timing of them will be as predicted, and what the probability is that there may be unexpected cash flows, and in what amounts they might occur. The total value of commercial property in

684-481: Is one in which at least one business is based and people do not live. Examples include stores , restaurant , and hotels . Industrial buildings are those in which heavy industry is done, such as manufacturing . These edifices include warehouses and factories . Agricultural buildings are the outbuildings , such as barns located on farms . Some buildings incorporate several or multiple different uses, most commonly commercial and residential. Sometimes

720-407: Is the park's largest tenant as of January 2018. In 2016, SRP contributed an estimated $ 775 million in terms of economic activity to Palo Alto and approximately $ 2.4 billion to Santa Clara County . In 2016, SRP contributed more than $ 45 million in taxes (across local, state, and federal). After World War II , Stanford University found itself in difficult financial circumstances. But given that it

756-1297: Is usually a response to high ground prices resulting from the desire of many people to live close to their places of employment or similar attractors. Terms for residential buildings reflect such characteristics as function (e.g., holiday cottage (vacation home) or timeshare if occupied seasonally); size ( cottage or great house ); value ( shack or mansion ); manner of construction ( log home or mobile home ); architectural style ( castle or Victorian ); and proximity to geographical features ( earth shelter , stilt house , houseboat , or floating home). For residents in need of special care, or those society considers dangerous enough to deprive of liberty , there are institutions ( nursing homes , orphanages , psychiatric hospitals , and prisons ) and group housing ( barracks and dormitories ). Historically, many people lived in communal buildings called longhouses , smaller dwellings called pit-houses , and houses combined with barns, sometimes called housebarns . Common building materials include brick, concrete, stone, and combinations thereof. Buildings are defined to be substantial, permanent structures. Such forms as yurts and motorhomes are therefore considered dwellings but not buildings . A commercial building

SECTION 20

#1732772217638

792-643: The Stanford Research Park to proceed, despite protests by neighborhood residents. The community opened in June 2017. In 2016, Stanford University and twelve of the park's largest companies formed the Transportation Management Association in order to mitigate traffic congestion from employee commutes, noting that it was making companies within the park less attractive to current and prospective employees. SRP lacks

828-1001: The United Nations estimate contributed to 33% of overall worldwide emissions. Including the manufacturing of building materials, the global CO 2 emissions were 39%. If new technologies in construction are not adopted during this time of rapid growth, emissions could double by 2050, according to the United Nations Environment Program . Glass buildings, especially all-glass skyscrapers, contribute significantly to climate change due to their energy inefficiency. While these structures are visually appealing and allow abundant natural light, they also trap heat, necessitating increased use of air conditioning systems, which contribute to higher carbon emissions. Experts advocate for design modifications and potential restrictions on all-glass edifices to mitigate their detrimental environmental impact. Buildings account for

864-637: The United States was approximately $ 6 trillion in 2018. The relative strength of the market is measured by the US Commercial Real Estate Index which is composed of eight economic drivers and is calculated weekly. According to Real Capital Analytics, a New York real estate research firm, more than $ 160 billion of commercial properties in the United States are now in default , foreclosure , or bankruptcy . In 2024, office leasing volume rose to its highest level since 2020, but roughly 60% of active office leases went into effect prior to

900-442: The buyer's criteria, they may signal their intent to move forward with a letter of intent (LOI) . Letters of Intent are used to outline the major terms of an offer in order to avoid unnecessary costs of drafting legal documents in the event the parties do not agree to the terms as drafted. Once a Letter of Intent is signed by both parties, a purchase and sale agreement (PSA) is drafted. Not all commercial property transactions utilize

936-470: The buyer's purchase decision specified in the PSA. In competitive real estate markets, buyers may waive contingencies in order to make an offer more appealing to a buyer. The PSA will usually require the seller to provide due diligence information to the seller in a timely manner and limit the buyer's time to terminate the deal based on its due diligence review findings. If the buyer terminates the transaction within

972-436: The contribution to Europe's economy in 2012 can be estimated at €285 billion according to EPRA and INREV , not to mention social benefits of an efficient real estate sector. It is estimated that commercial property is responsible for securing around 4 million jobs across Europe. Typically, a broker will market a property on behalf of the seller. Brokers representing buyers or buyers' representatives identify property meeting

1008-443: The due diligence timeframe, the escrow deposit is commonly returned to the buyer. If the buyer has not terminated the agreement pursuant to the PSA contingencies, the escrow deposit becomes non-refundable and failure to complete the purchase will result in the escrow deposit funds to be transferred to the seller as a fee for failure to close. The parties will proceed to close the transaction in which funds and title are exchanged. When

1044-585: The houses have others on either side. Apartments may be built round courtyards or as rectangular blocks surrounded by plots of ground. Houses built as single dwellings may later be divided into apartments or bedsitters , or converted to other uses (e.g., offices or shops). Hotels , especially of the extended-stay variety ( apartels ), can be classed as residential. Building types may range from huts to multimillion-dollar high-rise apartment blocks able to house thousands of people. Increasing settlement density in buildings (and smaller distances between buildings)

1080-409: The money that is put into, or received from, the property including the original purchase cost and sale revenue over the entire life of the investment. An example of this sort of investment is a real estate fund. Cash inflows include the following: Cash outflows include: The timing of cash inflows and outflows is important to know in order to project periods of positive and negative cash flows. Risk

1116-508: The pandemic. In Europe, approximately half of the €960 billion of debt backed by European commercial real estate is expected to require refinancing in the next three years, according to PropertyMall, a UK‑based commercial property news provider. Additionally, the economic conditions surrounding future interest rate hikes; which could put renewed pressure on valuations , complicate loan refinancing, and impede debt servicing could cause major dislocation in commercial real estate markets. However,

Stanford Research Park - Misplaced Pages Continue

1152-606: The project team may include: Regardless of their size or intended use, all buildings in the US must comply with zoning ordinances , building codes and other regulations such as fire codes , life safety codes and related standards. Vehicles—such as trailers , caravans , ships and passenger aircraft —are treated as "buildings" for life safety purposes. Buildings represent a large part of energy, electricity, water and materials consumption. As of 2020, they account for 37% of global energy use and energy-related CO 2 emissions, which

1188-545: The terms of the agreement are still acceptable. The buyer may have the right to terminate the transaction and/or renegotiate the terms, often referred to as "contingencies". Many purchase agreements are contingent on the buyer's ability to obtain mortgage financing and buyer's satisfactory review of specific due diligence items. Common due diligence items include property financial statements , rent rolls, vendor contracts, zoning and legal uses, physical and environmental condition, traffic patterns and other relevant information to

1224-559: Was authorized and 209 acres were allocated. In 1953, Varian Associates moved in as the park's first tenant. In the early days, Stanford tightly controlled development, without the help of an outside developer. It also rigorously screened potential tenants to ensure they were in line with university objectives. By 1956, Hewlett-Packard established its world headquarters in SRP. The park acquired more land as it grew from 40 tenants in 1960 to 100 tenants in 1985 to over 150 by January 2018. The name

1260-556: Was changed in the 1970s to Stanford Research Park to highlight "the focus of cooperation between the university and the tech companies". In 1991, the Stanford Management Company was established to manage the university's financial and real estate assets, including SRP. In 2014, the Palo Alto City Council allowed a proposed 17-acre (6.9-hectare) affordable housing community with 180 units in

1296-515: Was rich in land, Stanford University Provost and Dean of Engineering Frederick Terman proposed a Stanford-affiliated and R&D -focused business park that would generate income for Stanford as well as tax revenue for the Palo Alto community. Stanford University and the City of Palo Alto partnered to found the park, which was initially named Stanford Industrial Park . In 1951, the initiative

#637362