They’re digging their teeth into real estate.
Big Tech’s explosive profits and growth are leading to a boom in real estate acquisitions and developments for companies including Facebook, Amazon, Apple, Netflix and Google’s parent company, Alphabet — collectively known in industry parlance as FAANG.
The five tech titans own or lease terabytes of space across the country, according to the Motley Fool, thanks to their many offices, storefronts, and data and distribution centers.
Leading the way is Alphabet, which Reconomy, a commercial real estate analysis firm with a database of 50 million properties around the country, says owes 343 properties valued at $10.6 billion.
But Amazon, with its huge warehouses, is taking up the most space with its 24.2 million square feet across the US — a number that is quickly growing.