Silicon Valley Commercial Space, Q2 2022
A3: Large Commercial Space Completions, Silicon Valley, Q2 2022
|Development Name/Address||City||Owner/Developer||Rentable Building Area (square feet)||Percent Leased at Time of Delivery||Class & Type of Space|
|Google Bay View Campus |
100 Bay View Drive
|Mountain View||1,100,000||100%||Class A Office|
|Google Charleston East |
2000 North Shoreline Boulevard
|Mountain View||595,000||100%||Class A Office|
|Gateway of Pacific II |
750 Gateway Boulevard
|South San Francisco||BioMed Realty||441,000||100%||Class A Lab|
Data represents the end of each annual period unless otherwise noted. Commercial space includes Office, Industrial, R&D and Lab. The JLL statistical inventory and all related reports include office, Flex/R&D, and Lab 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, and the East Bay including Alameda and Contra Costa Counties (less Fremont and Newark, which are included in the Silicon Valley submarket). 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, R&D, and Lab 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 2021 dollars using the Bay Area Consumer Price Index for all urban consumers from the Bureau of Labor Statistics, 2021 estimate based on data through April. Near transit is defined as located within a 10-minute walk of a Caltrain, BART, or VTA station. Lease transactions include New to Market (tenant moves into a new market from another market), Relocation (tenant moves from one location to another in the same market), Renewal (tenant renews its existing lease at its current location), Expansion (when a tenant expands its current premises to include new premises outside of its currently leased premises), Blend-and-extend (tenant’s remaining lease term, usually one to three years, is extended and the current rental rate is “blended” with a newly negotiated one), and New lease (when it is unclear if the tenant is new to market, relocating, expanding, or renewing, to indicate that a new lease transaction has taken place). 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 Q1 2021 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 Q1 2021, owner-occupied buildings are included in the JLL statistical inventory and reports. As of Q4 2020, Lab buildings were included as a separate category from R&D. 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 represent market dynamics in the region.
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