Silicon Valley Commercial Space, Q3 2019
A3: Large Commercial Space Completions, Silicon Valley, Q3 2019
|Rentable Building Area (square feet)||Percent Leased at Time of Delivery||Class & Type of Space|
|Moffett Towers II, Buildings 3, 4, and 5 (1180 & 1190 Discovery Way, and 900 5th Avenue)||Sunnyvale||Jay Paul Company||1,050,000||100%||Class A Office|
|Pacific Commons South, Buildings 2A, 2B, 3, 9, and 10 (5567 Cushing Parkway; 44109, 44408, 44508, and 44509 Pacific Commons Boulevard)||Fremont||Overton Moore Properties/Invesco||981.721||0%||Warehouse/|
|Pacific Commons Industrial Center (5588 Cushing Parkway)||Fremont||Conor Commercial Real Estate||814.852||0%||Warehouse/|
|237 @ First Street (4453 North 1st Street)||San Jose||South Bay Development Company||187.660||48%||Class A Office|
|The Cove at Oyster Point (131 Oyster Point Boulevard)||South San Francisco||HCP, Inc.||233.576||100%||Class A Lab|
|Grove 221(221 North Mathilda Avenue)||Sunnyvale||Stockbridge Capital Group/Spear Street Capital||150.000||100%||Class A Office|
|The Cove at Oyster Point (161 Oyster Point Boulevard)||South San Francisco||HCP, Inc.||148.000||100%||Class A Lab|
|Franklin Templeton – Building 950 (1 Franklin Parkway Building 950)||San Mateo||Franklin Resources||120.968||100%||Class A Office|
|3181 Porter Drive (Stanford Research Park)||Palo Alto||Stanford University||99.000||100%||Class A Office|
|556 Santa Cruz Avenue||Menlo Park||Prince Street Partners||9.238||0%||Class A Office|
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 2019 dollars using the Bay Area consumer price index for all urban consumers from the Bureau of Labor Statistics, annual estimate based on data through August 2019. Near transit is defined as located within a 10-minute walk of a Caltrain, BART, or VTA station.
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