SPECIAL REPORT

Silicon Valley Commercial Space, Q1 2018

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A3: Large Commercial Space Completions, Silicon Valley, Q1 2018

Street Address City Owner/Developer Rentable Building Area (square feet) Percent Leased at Time of Delivery Class & Type of Space
Midpoint@237 (4500 & 4550 North First Street, 65 & 95 Nortech Parkway) San Jose Gemdale USA/Lincoln Property Co. 415,000 0% Class A Office
2400 Mission College Boulevard Santa Clara South Bay Development Co. 150,000 0% Class A Office
500 University Avenue Palo Alto Thoits Brothers Inc. 26,806 100% Class A Office
60 East Brokaw Road San Jose Peery Arrillaga 116,800 0% Class A Office
Menlo Gateway Phase I (100 Independence Drive) Menlo Park Bohannon Development Company / Alexandria Real Estate Equities 205,222 100% Class A Office

Data Source:

JLL

Analysis:

JLL

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. 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 includes San Mateo County, Santa Clara County, and the City of Fremont. Bay Area data includes all San Francisco Bay Area Submarkets, including Silicon Valley, North Bay, Mid-Peninsula, Oakland, and East Bay Suburbs. 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. The vacancy rate is the amount of unoccupied space, and is calculated by dividing the direct and sublease vacant space by the building base. The vacancy rate does not include occupied spaces presently being offered on the market for sale or lease. Average asking rents, where not noted as nominal, 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, 2018 estimate based on February data.

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