Office Rental Market
- $64.91 2019 Avg. Asking Rent
- 4.78 % 2019 Avg. Vacancy Rate
- 1,888,026 2019 Office Completions (Sqft)
- 2,648,587 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Sunnyvale Class A Office Buildings$71.42
- Sunnyvale Class B Office Buildings$48.03
- Sunnyvale Class C Office Buildings$43.16
- CA Class A Office Buildings$51.59
- CA Class B Office Buildings$34.34
- CA Class C Office Buildings$22.62
Sunnyvale, CA Office Asking Rents by Class
Office asking rents vary across the Sunnyvale office market depending on several factors, one of which is property class. While rents for Class A office buildings in Sunnyvale averaged $71.42 per square foot in 2019, Class B office properties garnered average rental rates of $48.03 per square foot. Rental rates for Class C office property in Sunnyvale averaged $43.16 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 |
---|---|---|
Sunnyvale - West | $70.64 | 7.23 % |
Sunnyvale - North | $61.89 | 3.19 % |
Sunnyvale - East | $50.88 | 1.87 % |
- The lowest office vacancy rate in 2019 in Sunnyvale was 1.87 % in the Sunnyvale - East submarket, where asking rents averaged $50.88.
- The highest office vacancy rate in 2019 in Sunnyvale was 7.23 % in the Sunnyvale - West submarket, where asking rents averaged $70.64.
OFFICE CONSTRUCTION IN Sunnyvale, CA
- Sunnyvale, CA Total Sqft completed in 2019 1,888,026
- Sunnyvale, CA Total Sqft under construction in 2020 2,648,587
Building name | Address | Total Sqft | Year built |
---|---|---|---|
Central Business Park | 145 River Rd, 08846 | 1,168,052 | 1985 |
Central & Wolfe | 222 North Wolfe Road, 94085 | 882,857 | 2018 |
Arques Campus - Buildings 81 & 85 | 974 East Arques Avenue, 94085 | 608,456 | 1995 |
Central Research Park | 884 Hermosa Court, 94086 | 468,323 | 1979 |
Moffett Towers - Building D | 1100 Enterprise Way, 94089 | 405,688 | 2013 |
Moffett Towers II - Building 5 | 1180 Discovery Way, 94089 | 350,663 | 2019 |
Moffett Towers II - Building 1 | 1100 Discovery Way, 94089 | 350,663 | 2018 |
Moffett Towers II - Building 4 | 900 5th Avenue, 94089 | 350,663 | 2019 |
Moffett Towers II - Building 3 | 1190 Discovery Way, 94089 | 350,663 | 2019 |
Moffett Towers II - Building 2 | 905 11th Avenue, 94089 | 350,633 | 2018 |
Office building | Address | Sqft | Completed |
---|---|---|---|
1050 Kifer Road | 1050 Kifer Road, 94086 | 302,173 | 2021 |
Mathilda Commons - Building A | 625 Mathilda Avenue, 94085 | 180,660 | 2021 |
Mathilda Commons - Building B | 655 Mathilda Avenue, 94085 | 178,141 | 2021 |
Fortinet Headquarters @ 901 Kifer Road | 901 Kifer Road, 94086 | 172,740 | 2021 |
Moffett Place - 1195 Borregas | 1195 Borregas Avenue, 94089 | 314,352 | 2020 |
520 Almanor | 520 Almanor Avenue, 94085 | 231,000 | 2020 |
The Catalyst - 684 West Maude Avenue | 684 West Maude Avenue, 94085 | 194,624 | 2020 |
Pathline Park - Building 10 | 625 North Mary Avenue, 94085 | 121,200 | 2020 |
Pathline Park - Building 9 | 925 West Maude Avenue, 94085 | 121,200 | 2020 |
Moffett Towers II - Building 5 | 1180 Discovery Way, 94089 | 350,663 | 2019 |
SUNNYVALE OFFICE SALES TRENDS
- $722.762019 Avg. Price per Sqft
- 31.94 %Y-o-Y Avg. PpSF Change
- $1.7B2019 Office Sales Volume
- 102019 Number of Transactions
In 2019, office sales in Sunnyvale averaged $722.76 per square foot. This marked a 31.94 % increase in office price per square foot, compared to the previous year. A total of 10 office sales closed on the Sunnyvale office market in 2019, amounting to a total sales volume of $1.7B.
Average Office Sale Price per Sqft
Sunnyvale, CA Sales Trends
- Sunnyvale Price per Sqft$722.76
- California Price per Sqft$437.86
Office Sales - Trend and Volume
- Sunnyvale, CA Total Office Sales Volume in 2019 $1.7B
- Sunnyvale, CA Total Number of Office Sales Closed in 2019 10
Largest Sunnyvale Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
Yahoo! Sunnyvale Complex - Building E | 700 1st Avenue | 7/23/2019 | $249,301,400 |
Yahoo! Sunnyvale Complex - Building A | 701 1st Avenue | 7/23/2019 | $213,808,800 |
Yahoo! Sunnyvale Complex - Building B | 701 1st Avenue | 7/23/2019 | $213,808,800 |
Grove 221 | 221 North Mathilda Avenue | 3/15/2019 | $183,000,000 |
Yahoo! Sunnyvale Complex - Building F | 1350 North Mathilda Avenue | 7/23/2019 | $105,898,900 |
See trends for nearby markets
The Sunnyvale office market contains an inventory of 27,199,500 square feet of office space, in 322 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 Sunnyvale 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.