Milpitas, CA Office Overview
Milpitas neighbors the Los Gatos, Mountain View, and Santa Clara commercial real estate markets. With a population of nearly 80,000 people, Milpitas is also located immediately north of the City of San Jose, which is home to about 2 million residents. Due to its prime geographic location in the San Francisco Bay Area, the local office market sees consistent demand from both computer and electronics manufacturing companies.
As of mid-2017, the Milpitas market encompasses nearly 6 million square feet of existing office space in properties larger than 50,000 square feet. Demand is driven in large part by the numerous corporate headquarters located within the city.
Milpitas, CA Office Inventory Description
Milpitas has distinct areas for industrial, commercial, and residential use, making it easy for business of all types to find the space that they are looking for. There are over 5.6 million square feet of Class B space in the city, accounting for over 93% of the inventory. Class A or A+ space in Milpitas contributes just over 360,000 more square feet of product to the market.
Some of the larger office buildings in the metro that see consistent interest from both tenants and investors alike include the McCarthy Center, the 691 South Milpitas Blvd building, and the Hillview Executive Park - 830 & 920 Hillview Court.
Milpitas, CA Commercial Inventory Breakdown
Total: 9,511,967 SF
By square footage range:
- 50k to 100k SF: 1,978,166 SF / 20.8% of total office
- 100k to 500k SF: 4,921,461 SF / 51.74% of total office
- 500k to 1M SF: 1,558,968 SF / 16.39% of total office
- > 1M SF: 1,053,372 SF / 11.07% of total office
- Class A: 361,807 SF / 3.8% of total office
- Class B: 8,126,737 SF / 85.44% of total office
- Class C: 73,423 SF / 0.77% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|McCarthy Center||400 North McCarthy Blvd, 95035||1,053,372||1999|
|The Campus Center - Phase 2||NWC North McCarthy Blvd & Ranch Drive, 95035||950,000||n/a|
|Milpitas Station Corporate Campus||1001 SE Milpitas Blvd, 95035||395,335||1991|
|Murphy Crossing||1001 Murphy Ranch Road, 95035||361,807||1994|
|KLA Tencor Campus - 5 Technology Drive||5 Technology Drive, 95035||252,831||1997|
|Cisco Site 5 - 821 Alder Drive||821 Adler Drive, 95035||224,667||2000|
|Cisco Site 5 - 725 Adler Drive||725 Alder Drive, 95035||224,036||2000|
|Cisco Site 5 - 510 McCarthy Blvd||510 McCarthy Blvd, 95035||223,995||2000|
|Cisco Site 5 - 771 Alder Drive||771 Adler Drive, 95035||221,580||2000|
|Cisco Site 5 - 560 McCarthy Blvd||560 McCarthy Blvd, 95035||221,580||2000|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|1511 Buckeye Drive||1511 Buckeye Drive, 95035||94,955||2010|
|Bay Valley Professional Center||991 Montague Expwy, 95035||47,900||2002|
|Campus Center - 135 North McCarthy Blvd||135 North McCarthy Blvd, 95035||176,874||2001|
|Campus Center - 155 North McCarthy Blvd||155 North McCarthy Blvd, 95035||176,874||2001|
|Campus Center - 115 North McCarthy Blvd||115 North McCarthy Blvd, 95035||117,832||2001|
|Cisco Site 5.1 - 1020 McCarthy Blvd||1020 McCarthy Blvd, 95134||82,325||2001|
|Cisco Site 5.1 - 855 East Tasman Drive||855 East Tasman Drive, 95134||82,325||2001|
|Cisco Site 5.1 - 707 East Tasman Drive||707 East Tasman Drive, 95134||82,325||2001|
|Cisco Site 5.1 - 900 McCarty Blvd||900 McCarthy Blvd, 95134||82,325||2001|
|Cisco Site 5.1 - 870 Alder Drive||870 Alder Drive, 95134||82,325||2001|
Milpitas, CA Green Office Space
As both tenants and owners continue to embrace the benefits of energy-efficient, LEED-certified, Energy Star-rated, and green-certified property, the demand for green office space in Milpitas continues to grow. One great example of a LEED-certified office building is the Campus Center - 115 North McCarthy Blvd. Located northwest of the intersection of Interstate 880 and Highway 236, this property was constructed in 2001 and brings nearly 175,000 square feet of Class B LEED Gold-certified green office space to local market.
Across the country, the availability of green office space continues to grow year by year. The most recent National Green Building Adoption Index surveyed the top 30 markets in the country and discovered that, since 2005, the percentage of green office space has increased by an average of 38%. In 2005, less than 5% of surveyed U.S. office buildings were rated as green. Now, more than two thirds are certified as energy-efficient.
Milpitas, CA's Top Office-Using Sectors
The Milpitas market sees tremendous demand from top office-using sectors such as the computer, electronics, and healthcare industries, along with large corporate headquarter users.
- Computers – Demand for white-collar employment comes from firms such as Quantum, Maxtor, and International Microsystems Inc.
- Electronics – Cisco Systems, Seagate Technology, and Phoenix Technologies help drive demand in the area.
- Healthcare – Kaiser Permanente is one of the largest employers in the metro area.
- Corporate Headquarters – Companies such as Adaptec, Intersil, Linear Technology, Sandisk, and Flex are headquartered in the city.
- Total Population77,457
- Male Population(51.1 %) 39,551
- Female Population(48.9 %) 37,906
- Median Age36.50
- Average Household Income$142,730
- Median Household Income$125,161
- Median Income 25-44$143,542
- Median Income 45-64$128,926
- Median Income Over 65$66,834