Silicon Valley Commercial Space, Q3 2017

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A3: Large Commercial Space Completions, Silicon Valley, Q3 2017

Street Address City Owner/Developer Rentable Building Area (square feet) Percent Leased at Time of Delivery Class & Type of Space
3333 Scott Boulevard (Phase 2) Santa Clara CBRE/CalSTRS 910,000 100% Class A Office
391 San Antonio Road Mountain View Merlone Geier Partners 456,760 100% Class A Office
1152 Bordeaux Drive (Moffett Place) Sunnyvale Jay Paul Company 945,816 100% Class A Office
655 Creekside Way Campbell South Bay Development 170,000 0% Class A Office
1152 Coleman Avenue San Jose Hunter Storm 357,106 0% Class A Office
2535-2565 Augustine Drive (Santa Clara Square Phase 2) Santa Clara Irvine Company 1,100,780 27% Class A Office
1225 Elko Drive San Jose R&C Brown Associates 20,400 0% Class A R&D

Data Source:




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 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 2017 dollars using the Bay Area consumer price index for all urban consumers from the Bureau of Labor Statistics, 2017 estimate based on data through August. The total amount of commercial space under development throughout the Bay Area does not equal the sum of pre-leased and non-pre-leased space due to several owners subleasing portions of their buildings while under construction.

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