Silicon Valley Commercial Space, Q2 2020
A3: Large Commercial Space Completions, Silicon Valley, Q2 2020
|Development Name/Address||City||Owner/Developer||Rentable Building Area (square feet)||Percent Leased at Time of Delivery||Class & Type of Space|
|Moffett Place Phase II, Building 6 (1152 Bordeaux Drive)||Sunnyvale||Jay Paul Company||315.272||100%||Class A Office|
|Menlo Gateway Phase II (125 Constitution Drive)||Menlo Park||Bohannon Development Company||260.488||100%||Class A Office|
|Menlo Gateway Phase II (135 Constitution Drive)||Menlo Park||Bohannon Development Company||250.000||100%||Class A Office|
|Peery Park Business District (675 Almanor Avenue)||Sunnyvale||Dollinger Properties||150.651||0%||Class A Office|
|Pathline Park, Building 9 (925 West Maude Avenue)||Sunnyvale||Irvine Companies||121.350||100%||Class A Flex|
|Pathline Park, Building 10 (625 North Mary Avenue)||Sunnyvale||Irvine Companies||121.200||100%||Class A Flex|
|2075 Broadway Street||Redwood City||Lane Partners||103.000||100%||Class A Office|
|Innovation Curve Technology Park at Stanford Research Park, Building 1 (1050 Page Mill Road)||Palo Alto||Sand Hill Property Company||72.812||100% \n(available for sublease)||Class A Flex|
|Innovation Curve Technology Park at Stanford Research Park, Building 4 (1250 Page Mill Road)||Palo Alto||Sand Hill Property Company||72.812||0%||Class A Flex|
|3045 Park Boulevard||Palo Alto||Jay Paul Company||31.354||0%||Class A Flex|
Data represents the end of each annual period unless otherwise noted. Commercial space includes Office, Industrial, and R&D. The JLL statistical inventory and all related reports include office and Flex/R&D buildings above 30,000 square feet in Santa Clara County (plus Fremont and Newark) and 20,000 square feet in San Mateo County, and all industrial developments above 10,000 square feet; any attached retail space is not included in total square footage Silicon Valley data includes San Mateo County, Santa Clara County, and the Cities of Fremont and Newark. 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 2020 dollars using the Bay Area consumer price index for all urban consumers from the Bureau of Labor Statistics, first half of 2020 average. Near transit is defined as located within a 10-minute walk of a Caltrain, BART, or VTA station. In an effort to provide more accurate data and reporting, JLL Silicon Valley redefined inventory classifications for office and Flex/R&D properties. Beginning with the Q2 2020 data, the definition of a property as Office or Flex/R&D was altered to focus more on the structure of the building rather than the use. Apart from downtown areas, the El Camino and Sand Hill Road Corridors, and other office-only pockets, office is now defined as any building with at least four stories in Santa Clara County (plus Fremont and Newark) and at least three stories in San Mateo County. Flex/R&D properties are defined as buildings that have three or fewer stories in Santa Clara County (plus Fremont and Newark) and one to two stories in San Mateo County. Additionally, as of Q2 2020, owner-occupied buildings are included in the JLL statistical inventory and reports. All the aforementioned changes resulted in a large shift in the existing inventory and historical statistics related to both property types; however, as a result of these changes, statistics and reporting now more accurately represents market dynamics in the region.
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