Milpitas Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $31.60 2020 Avg. Asking Rent
  • -2.47% Y-o-Y Avg. Asking Rent Change
  • 13.42% 2020 Office Vacancy Rate
  • $216.6M2020 Total Office Sales
  • $319.47Avg. Sale Price/SF

Milpitas office price per square foot in 2020 was $31.60 on average. This marked a -2.47% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.42% across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $216.6M. Milpitas office space commanded an average sale price per square foot of $319.47.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Milpitas Class A Office Space$32.54
  • Milpitas Class B Office Space$31.52
  • California Class A Office Space$55.92
  • California Class B Office Space$35.12
  • California Class C Office Space$23.50

Milpitas, CA Office Asking Rents by Class

Milpitas Office Sale Price per SF

  • $319.472020 Avg. Price per SF
  • -17.18%Y-o-Y Avg. PpSF Change
  • $216.6M2020 Office Sales Volume
  • 32020 Number of Transactions

Milpitas, CA Sale Price per SF Trend

  • Milpitas Avg. Sale Price per SF in 2020$319.47
  • California Avg. Sale Price per SF in 2020$432.41
Milpitas office space cost in 2020 marked a -17.18% change compared to the previous year. The sale price for office space in Milpitas averaged $319.47 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $432.41 per square foot.

2020 Office Sales Volume

  • Milpitas, CA Total Office Sales Volume in 2020 $216.6M
  • Milpitas, CA Total Number of Office Sales Closed in 2020 3
A total of 3 deals closed on the Milpitas office market in 2020, adding up to a yearly sales volume of $216.6M. Notably, the largest transaction on the market saw Murphy Crossing change hands for $130,000,000 on 2/14/2020.

Largest Milpitas Office Sales in 2020

Property name Address Date Price
Murphy Crossing 1001 Murphy Ranch Road 2/14/2020 $130,000,000
Sycamore Technology Park 475 Sycamore Drive 8/19/2020 $45,500,000
1565 Barber Lane 1565 Barber Lane 3/19/2020 $41,100,000
Data provided by Commercial Edge

2020 Office Construction in Milpitas, CA

  • Milpitas, CA Total SF completed in 2020

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Milpitas office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.

Largest Office Properties Recently Completed in Milpitas
Office building Address SF Completed
1511 Buckeye Drive 1511 Buckeye Drive, 95035 94,955 2010
Cisco Site 5 - 800 Barber Lane 800 Barber Lane, 95035 70,238 2002
Bay Valley Professional Center 991 Montague Expwy, 95035 47,900 2002
Campus Center - 135 North McCarthy Blvd 135 North McCarthy Blvd, 95035 176,874 2001
Campus Center - 155 North McCarthy Blvd 155 North McCarthy Blvd, 95035 176,874 2001
Campus Center - 115 North McCarthy Blvd 115 North McCarthy Blvd, 95035 117,832 2001
Cisco Site 5.1 - 1020 McCarthy Blvd 1020 McCarthy Blvd, 95134 82,325 2001
Cisco Site 5.1 - 855 East Tasman Drive 855 East Tasman Drive, 95134 82,325 2001
Cisco Site 5.1 - 707 East Tasman Drive 707 East Tasman Drive, 95134 82,325 2001
Cisco Site 5.1 - 900 McCarty Blvd 900 McCarthy Blvd, 95134 82,325 2001

Worth noting among recent office completions on the Milpitas market is 1511 Buckeye Drive, which is currently the largest new office development in the city, at 94,955 square feet.

Data provided by Commercial Edge

See reports for nearby markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Milpitas commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.