2023 Office Space Rent & Sales
- $31.86 2023 Avg. Asking Rent
- -2.66% Y-o-Y Avg. Asking Rent Change
- 14.86% 2023 Office Vacancy Rate
- $223.1M2023 Total Office Sales
- $336.17Avg. Sale Price/SF
Milpitas office price per square foot in 2023 was $31.86 on average. This marked a -2.66% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.86% across all asset classes combined. The 7 transactions that closed here throughout 2023 amounted to a total sale volume of $223.1M. Milpitas office space commanded an average sale price per square foot of $336.17.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Milpitas Class B Office Space$31.86
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Milpitas, CA Office Asking Rents by Class
Milpitas Office Sale Price per SF
- $336.172023 Avg. Price per SF
- 18.64%Y-o-Y Avg. PpSF Change
- $223.1M2023 Office Sales Volume
- 72023 Number of Transactions
Milpitas, CA Sale Price per SF Trend
- Milpitas Avg. Sale Price per SF in 2023$336.17
- California Avg. Sale Price per SF in 2023$256.51
2023 Office Sales Volume
- Milpitas, CA Total Office Sales Volume in 2023 $223.1M
- Milpitas, CA Total Number of Office Sales Closed in 2023 7
Coworking Spaces in California
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Office building | Address | SF | Completed |
---|---|---|---|
Cisco Site 5.1 - 1020 McCarthy Blvd | 1020 McCarthy Blvd, 95134 | 82,325 | 2001 |
Cisco Site 5.1 - 900 McCarty Blvd | 900 McCarthy Blvd, 95134 | 82,325 | 2001 |
Cisco Site 5.1 - 707 East Tasman Drive | 707 East Tasman Drive, 95134 | 82,325 | 2001 |
Cisco Site 5.1 - 870 Alder Drive | 870 Alder Drive, 95134 | 82,325 | 2001 |
Cisco Site 5.1 - 855 East Tasman Drive | 855 East Tasman Drive, 95134 | 82,325 | 2001 |
McCarthy Center | 400 North McCarthy Blvd, 95035 | 1,053,372 | 1999 |
61 Serra Way | 61 Serra Way, 95035 | 16,740 | 1999 |
Liberty Plaza | 1260 South Abel Street, 95035 | 1,100 | 1990 |
South Bay Tech Centre | 1603 South Main Street, 95035 | 161,652 | 1987 |
Park Victoria Plaza | 1207-1247 S Park Victoria Blvd., 95035 | 10,093 | 1987 |
Worth noting among recent office completions on the Milpitas market is Cisco Site 5.1 - 1020 McCarthy Blvd, which is currently the largest new office development in the city, at 82,325 square feet.
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.