Silicon Valley Commercial Space, Q3 2019

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A3: Large Commercial Space Completions, Silicon Valley, Q3 2019

Development Name/AddressCityOwner/
Rentable Building Area (square feet)Percent Leased at Time of DeliveryClass & Type of Space
Moffett Towers II, Buildings 3, 4, and 5 (1180 & 1190 Discovery Way, and 900 5th Avenue)SunnyvaleJay Paul Company1,050,000100%Class A Office
Pacific Commons South, Buildings 2A, 2B, 3, 9, and 10 (5567 Cushing Parkway; 44109, 44408, 44508, and 44509 Pacific Commons Boulevard)FremontOverton Moore Properties/Invesco981.7210%Warehouse/
Pacific Commons Industrial Center (5588 Cushing Parkway)FremontConor Commercial Real Estate814.8520%Warehouse/
237 @ First Street (4453 North 1st Street)San JoseSouth Bay Development Company187.66048%Class A Office
The Cove at Oyster Point (131 Oyster Point Boulevard)South San FranciscoHCP, Inc.233.576100%Class A Lab
Grove 221(221 North Mathilda Avenue)SunnyvaleStockbridge Capital Group/Spear Street Capital150.000100%Class A Office
The Cove at Oyster Point (161 Oyster Point Boulevard)South San FranciscoHCP, Inc.148.000100%Class A Lab
Franklin Templeton – Building 950 (1 Franklin Parkway Building 950)San MateoFranklin Resources120.968100%Class A Office
3181 Porter Drive (Stanford Research Park)Palo AltoStanford University99.000100%Class A Office
556 Santa Cruz AvenueMenlo ParkPrince Street Partners9.2380%Class A Office

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. 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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