Office Rental Market
- $41.69 2019 Avg. Asking Rent
- 17.03 % 2019 Avg. Vacancy Rate
- 682,055 2019 Office Completions (Sqft)
- 4,869,287 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- San Jose Class A Office Buildings$49.75
- San Jose Class B Office Buildings$33.03
- San Jose Class C Office Buildings$23.23
- CA Class A Office Buildings$51.59
- CA Class B Office Buildings$34.34
- CA Class C Office Buildings$22.62
San Jose, CA Office Asking Rents by Class
Office asking rents vary across the San Jose office market depending on several factors, one of which is property class. While rents for Class A office buildings in San Jose averaged $49.75 per square foot in 2019, Class B office properties garnered average rental rates of $33.03 per square foot. Rental rates for Class C office property in San Jose averaged $23.23 per square foot. On a statewide level, Class B office space rents averaged $34.34 per square foot, while rents for Class A office space across California averaged $51.59 per square foot. On average, Class C office properties in California commanded rents of $22.62 per square foot.
2019 OFFICE VACANCY RATES
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
San Jose - West Valley | $64.16 | 10.02 % |
San Jose - CBD | $60.29 | 13.73 % |
San Jose - Alviso | $44.02 | 28.10 % |
San Jose - North | $38.79 | 18.27 % |
San Jose - North Central | $35.84 | 6.24 % |
San Jose - Berryessa | $27.73 | 12.72 % |
San Jose - South | $25.15 | 11.51 % |
- The lowest office vacancy rate in 2019 in San Jose was 6.24 % in the San Jose - North Central submarket, where asking rents averaged $35.84.
- The highest office vacancy rate in 2019 in San Jose was 28.10 % in the San Jose - Alviso submarket, where asking rents averaged $44.02.
OFFICE CONSTRUCTION IN San Jose, CA
- San Jose, CA Total Sqft completed in 2019 682,055
- San Jose, CA Total Sqft under construction in 2020 4,869,287
Building name | Address | Total Sqft | Year built |
---|---|---|---|
2350 Harris Way | 2350 Harris Way, 95131 | 49,662 | 1980 |
Paypal Headquarters | 2211 North 1st Street, 95131 | 732,053 | 1999 |
Samsung Semiconductor Corporate Headquarters | 3655 North 1st Street, 95134 | 679,223 | 2015 |
Cadence Design Systems Headquarters | 2655 Seely Avenue, 95134 | 578,101 | 1992 |
IBM Almaden Valley Research Lab | 650 Harry Road, 95120 | 502,750 | 1983 |
Maxim Integrated Headquarters | 160 Rio Robles Drive, 95134 | 430,000 | 1990 |
One Santana West | 3161 Olsen Drive, 95128 | 375,000 | 2021 |
Rio Tech Park | 30 Rio Robles Drive, 95134 | 373,754 | 1984 |
50 West San Fernando Street | 50 West San Fernando Street, 95113 | 353,527 | 1989 |
Adobe West Tower | 345 Park Avenue, 95110 | 350,000 | 1996 |
Office building | Address | Sqft | Completed |
---|---|---|---|
One Santana West | 3161 Olsen Drive, 95128 | 375,000 | 2021 |
China Mobile Data Center Building | 6320 San Ignacio Blvd, 95119 | 287,000 | 2021 |
North First & Brokaw Corporate Campus - Building B | 122 East Brokaw Drive, 95112 | 242,320 | 2021 |
North First & Brokaw Corporate Campus - Building C | 134 East Brokaw Drive, 95112 | 242,320 | 2021 |
North First & Brokaw Corporate Campus - Building D | 1849 Bering Drive, 95112 | 126,895 | 2021 |
Bank of Italy Building | 12 South 1st Street, 95113 | 126,448 | 2021 |
Samaritan Medical Center - Phases 1 & 2 | 2506 Samaritan Court, 95124 | 115,250 | 2021 |
Coleman Highline - Building 3 | 1173 Coleman Avenue, 95110 | 194,205 | 2020 |
Coleman Highline - Building 4 | 1167 Coleman Avenue, 95110 | 164,389 | 2020 |
1 West Santa Clara | 1 West Santa Clara Street, 95113 | 104,166 | 2020 |
SAN JOSE OFFICE SALES TRENDS
- $304.102019 Avg. Price per Sqft
- 2.19 %Y-o-Y Avg. PpSF Change
- $1.7B2019 Office Sales Volume
- 302019 Number of Transactions
In 2019, office sales in San Jose averaged $304.10 per square foot. This marked a 2.19 % increase in office price per square foot, compared to the previous year. A total of 30 office sales closed on the San Jose office market in 2019, amounting to a total sales volume of $1.7B.
Average Office Sale Price per Sqft
San Jose, CA Sales Trends
- San Jose Price per Sqft$304.10
- California Price per Sqft$437.86
Office Sales - Trend and Volume
- San Jose, CA Total Office Sales Volume in 2019 $1.7B
- San Jose, CA Total Number of Office Sales Closed in 2019 30
Largest San Jose Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
[email protected] - 130 Holger Way | 130 Holger Way | 3/11/2019 | $148,000,000 |
[email protected] - 120 Holger Way | 120 Holger Way | 3/11/2019 | $143,000,000 |
[email protected] - 110 Holger Way | 110 Holger Way | 3/11/2019 | $138,000,000 |
Rose Orchard Campus | 110 Rose Orchard Way | 7/11/2019 | $128,200,000 |
Market Square - North Tower | 111 North Market Street | 5/2/2019 | $71,350,000 |
See trends for nearby markets
The San Jose office market contains an inventory of 60,188,590 square feet of office space, in 782 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all San Jose 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.