Highlights
- The average rent for office space in Milpitas is $32.03 per square foot, 0.38% higher compared to the previous year.
- The market’s vacancy rate stands at 26.86%, higher than the state average of California, which is 18.44%.
2025 Office Space Rent & Sales
- $32.03 2025 Avg. Asking Rent
- 0.38% Y-o-Y Avg. Asking Rent Change
- 26.86% 2025 Office Vacancy Rate
What is the average asking rent price for office space in Milpitas?
Average asking rents for office space here stand at $32.03 per square foot. The local office market recorded an average vacancy rate of 26.86% in 2025, unchanged from 26.86% in 2024.
Milpitas, CA Office Asking Rents by Class
What is the average office rent per square foot by property class in CA?
- Avg. Asking Rent Class A & A+$58.81
- Avg. Asking Rent Class B$37.82
- Avg. Asking Rent Class C$22.26
For comparison, the average rent for Class A and A+ office space in California was $58.81 per square foot. The state-wide average for Class B space was $37.82 per square foot, and Class C office spaces averaged $22.26 per square foot.
What are the largest recent office completions in Milpitas?
The largest recent office completion here is Murphy Crossing at 369,000 square feet, completed in 1994. The next largest completions are South Bay Tech Centre and Cisco Site 5.1 - 900 McCarty Blvd.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Cisco Site 5.1 - 900 McCarty Blvd | 900 McCarthy Blvd, 95035 | 82,325 | 2001 |
| Cisco Site 5.1 - 707 East Tasman Drive | 707 East Tasman Drive, 95035 | 82,325 | 2001 |
| Cisco Site 5.1 - 870 Alder Drive | 870 Alder Drive, 95035 | 82,325 | 2001 |
| Cisco Site 5.1 - 855 East Tasman Drive | 855 East Tasman Drive, 95035 | 82,325 | 2001 |
| Cisco Site 5.1 - 1020 McCarthy Blvd | 1020 McCarthy Blvd, 95035 | 82,325 | 2001 |
| 1533 California Circle | 1533 California Circle, 95035 | 29,976 | 2000 |
| McCarthy Ranch Shopping Center | 198-252 Ranch Drive, 95035 | 25,034 | 1995 |
| Murphy Crossing | 1001 Murphy Ranch Road, 95035 | 369,000 | 1994 |
| South Bay Tech Centre | 1603 South Main Street, 95035 | 161,652 | 1987 |
| 688-698 Gibraltar Court | 698 Gibraltar Court, 95035 | 55,296 | 1986 |
See reports for other markets
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
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 Yardi Research Data can guarantee that the information provided is complete.