Average Office Space Rental Rates by Proximity to Transit
Bay Area | Q4 2018
|Not Near Transit
Silicon Valley Institute for Regional Studies
Data represents the end of each annual period unless otherwise noted. Commercial space includes Office, Industrial, and R&D space. The JLL inventory includes all development above 35,000 square feet, with the exception of Downtown Palo Alto and Downtown Mountain View, and all R&D development above 10,000 square feet. The data included in this report does not include owner/user developments. Silicon Valley data include San Mateo County, Santa Clara County, and the City of Fremont. Bay Area data include the entire nine-county region. Average office space asking rents are “Full Service Gross” (FSG), which is the monthly rental rate and includes common area maintenance fees, utility fees, and taxes/insurance fees. Industrial and R&D asking rents are quoted “triple net” (NNN), which is the monthly base rental rate in which common area maintenance fees, utility fees, and taxes/insurance fees are excluded. Average asking rents have been inflation-adjusted and are reported in 2018 dollars using the Bay Area consumer price index for all urban consumers from the Bureau of Labor Statistics for Silicon Valley data, 2018 estimate based on January-August. Near transit is defined as located within a ten-minute walk of a Caltrain, BART, or VTA station.
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