Cupertino, CA - Office Market Overview
Cupertino neighbors include the Alviso, Mountain View, and Santa Clara commercial real estate markets. While Cupertino is home to only about 60,000 people, the city is also part of the much larger San Jose metropolitan region with almost 2 million residents. High technology and software-related businesses are two of the main users of office space in Cupertino.
As of mid-2017, the Cupertino office market encompasses nearly 5.3 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Cupertino, CA, sees consistently strong demand due to the city's central location in California's Silicon Valley.
Cupertino, CA - Office Inventory Description
With the worldwide headquarters for Apple Computer being located in Cupertino, the demand for Class A office space in the city is robust. Class A and A+ office space in Cupertino makes up nearly 60% of the office inventory, while Class B space in the city adds just over 2.2 million square feet more to the Cupertino office market.
The Class A office market in Cupertino is home to numerous investment-grade properties, including the Cupertino City Center III on Steven Creek Boulevard, the Cupertino City Center IV, and the Cupertino Corporate Center at 1601 South De Anza Boulevard.
Cupertino, CA Commercial Inventory Breakdown
Total: 10,230,083 SF
By square footage range:
- 50k to 100k SF: 1,068,120 SF / 10.44% of total office
- 100k to 500k SF: 6,281,463 SF / 61.4% of total office
- > 1M SF: 2,880,500 SF / 28.16% of total office
- Class A+: 2,880,500 SF / 28.16% of total office
- Class A: 2,891,232 SF / 28.26% of total office
- Class B: 2,208,351 SF / 21.59% of total office
Cupertino, CA - Green Office Space
High technology tenants are beginning to put the availability of energy efficient office space at the top of their must-have list. With over 350,000 square feet of LEED-certified, EPA Energy Star-rated, and otherwise green office space in Cupertino, developers in the city are doing their best to meet the demand for more green buildings.
A great example of a LEED-certified office building in Cupertino is the Apple - De Anza 12 building. Constructed in 2008, this property contributes over 58,000 square feet of LEED Silver-certified Class A office space to the Cupertino real estate market.
Home to companies like Apple and innovative corridors such as Silicon Valley, it comes as no surprise that California is home to six of the top 30 largest green office markets in the country. The 2017 National Green Building Adoption Index surveyed the top 30 office markets to gauge the growth of green building. Over the past 12 years, the percentage of green office space across these top markets has gone from less than 5% in 2005 to about 38% by mid-2017, a very impressive seven-fold increase in only a dozen years.
Cupertino, CA's Top Office-Using Sectors
The Cupertino office market sees an ever-increasing demand for space from top office-using sectors like high technology, education, computer & software businesses, and large corporate office users.
- High Technology – Seagate Technology, Four-Phase systems, and Packeteer generate demand for white collar office employment in Cupertino.
- Education – Institutions such as the Cupertino Union School District, the Foothill - De Anza Community College District, the Fremont Union High School District, and the numerous support businesses they attract, are all major users of office space in Cupertino.
- Computers & Software – Firms such as Apple and Chordiant help to create demand for white-collar office space in Cupertino.
- Corporate Offices – Security company Trend Micro and Bright Light are two of the many companies that drive the demand for Cupertino commercial real estate.
- Total Population60,687
- Male Population(48.7 %) 29,535
- Female Population(51.3 %) 31,152
- Median Age41.10
- Average Household Income$181,767
- Median Household Income$153,449
- Median Income 25-44$171,052
- Median Income 45-64$184,991
- Median Income Over 65$66,274
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