2020 Office Space Rent & Sales
- $49.98 2020 Avg. Asking Rent
- 14.46% 2020 Office Vacancy Rate
- $1.6B2020 Total Office Sales
- $374.97Avg. Sale Price/SF
San Jose office price per square foot in 2020 was $49.98 on average. The local office market recorded an average vacancy rate of 14.46% across all asset classes combined. The 25 transactions that closed here throughout 2020 amounted to a total sale volume of $1.6B. San Jose office space commanded an average sale price per square foot of $374.97.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- San Jose Class A Office Space$59.85
- San Jose Class B Office Space$34.64
- San Jose Class C Office Space$28.08
- California Class A Office Space$55.92
- California Class B Office Space$35.12
- California Class C Office Space$23.50
San Jose, CA Office Asking Rents by Class
Average office rent in San Jose rested at $49.98 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in San Jose averaged $59.85 per square foot. Across all submarkets, class B office space recorded an average asking rent of $34.64 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $28.08 per square foot, on average. Comparably, statewide California average office rents by class in 2020 were: $55.92 per square foot for class A office space; $35.12 per square foot for class B office space; $23.50 per square foot for class C office space.
2020 Office Vacancy Rates in San Jose
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| San Jose - CBD | $69.57 | 18.02% |
| San Jose - West Valley | $65.03 | 13.18% |
| San Jose - Alviso | $49.15 | 20.34% |
| San Jose - North | $38.96 | 17.23% |
| San Jose - North Central | $33.81 | 4.44% |
| San Jose - South Central | $33.06 | 3.24% |
| San Jose - Berryessa | $27.70 | 8.17% |
| San Jose - South | $23.37 | 8.37% |
Office Spaces for Rent in California
San Jose Office Sale Price per SF
- $374.972020 Avg. Price per SF
- 11.77%Y-o-Y Avg. PpSF Change
- $1.6B2020 Office Sales Volume
- 252020 Number of Transactions
San Jose, CA Sale Price per SF Trend
- San Jose Avg. Sale Price per SF in 2020$374.97
- California Avg. Sale Price per SF in 2020$432.41
2020 Office Sales Volume
- San Jose, CA Total Office Sales Volume in 2020 $1.6B
- San Jose, CA Total Number of Office Sales Closed in 2020 25
Largest San Jose Office Sales in 2020
| Property name | Address | Date | Price |
|---|---|---|---|
| 160 West Santa Clara Street | 160 West Santa Clara Street | 6/29/2020 | $131,830,000 |
| Coleman Highline - Building 2 | 1155 Coleman Avenue | 11/2/2020 | $123,121,000 |
| 300 South 1st Street | 300 South 1st Street | 2/12/2020 | $113,000,000 |
| Coleman Highline - Building 1 | 1143 Coleman Avenue | 11/2/2020 | $95,615,000 |
| District | 237 - 100 Headquarters Drive & 200 Holger Way | 100 Headquarters Drive | 6/26/2020 | $95,200,000 |
2020 Office Construction in San Jose, CA
- San Jose, CA Total SF completed in 2020 461,660
- San Jose, CA Total SF under construction in 2021 1,853,783
During 2020, 461,660 square feet of new office space were delivered across the market. At the close of 2020, the San Jose office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 461,660 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 1,853,783 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Adobe North Tower | 333 West San Fernando Street, 95113 | 698,462 | 2022 |
| One Santana West | 3155 Olsen Drive, 95128 | 375,000 | 2022 |
| North First & Brokaw Corporate Campus - Building B | 122 East Brokaw Drive, 95112 | 242,320 | 2022 |
| North First & Brokaw Corporate Campus - Building C | 134 East Brokaw Drive, 95112 | 242,320 | 2022 |
| Bank of Italy Building | 12 South 1st Street, 95113 | 130,000 | 2022 |
| North First & Brokaw Corporate Campus - Building D | 1849 Bering Drive, 95112 | 126,895 | 2022 |
| Paseo | 201 South 2nd Street, 95113 | 100,000 | 2022 |
| Samaritan Medical Center - 2506 Samaritan Court | 2506 Samaritan Court, 95124 | 70,000 | 2022 |
| Coleman Highline - Building 3 | 1173 Coleman Avenue, 95110 | 194,205 | 2020 |
| Coleman Highline - Building 4 | 1167 Coleman Avenue, 95110 | 164,389 | 2020 |
Worth noting among recent office completions on the San Jose market is Adobe North Tower, which is currently the largest new office development in the city, at 698,462 square feet.
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 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.