SPECIAL REPORT

Silicon Valley Commercial Space, Q3 2019

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B3: Average Office Space Vacancy Rates by Proximity to Transit, Q3 2019

Near Transit3.8%
Not Near Transit7.5%

Data Source:

JLL

Analysis:

JLL

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.

Near transit is defined as located within a 10 minute walk of a Caltrain, BART, or VTA station.

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