The lack of retail vacancy in Silicon Valley is well known, but SRS Real Estate Partners SVP Randol Mackley breaks it down further: In Santa Clara County, there is 76M-plus SF of retail property, with a 3.6% vacancy (Cupertino’s vacancy is 1.6%). Because of the geographical squeeze of the Pacific Ocean and the San Francisco Bay, developers are compelled toward mixed-use and vertical product, with tremendous competition for five-star properties. Restaurants are aggressively pursuing Silicon Valley sites, making up about 70% of the demand trend. Randol and SRS partner Bruce Frazer are behind San Antonio Shopping Center selling to Federal Realty (the company also owns Santana Row). San Antonio’s 33 acres is a significant Northern California transaction in this tight environment: shopping centers of this magnitude do not trade often. Randol sees a strong three-year cycle; he doesn’t know any broker who is not working long hours. For more info on our Bisnow partner, click here.