Milpitas, CA - Office Market 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 office market in Milpitas, CA, sees consistent demand from both computer and electronics manufacturing companies.
As of mid-2017, the Milpitas office market encompasses nearly 6 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Milpitas, CA, 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 office space in Milpitas that they are looking for. There is over 5.6 million square feet of Class B office space in Milpitas, accounting for over 93% of the office inventory in the city. Class A or A+ offices in Milpitas bring just over 360,000 square feet more product to the office market.
A few of the larger office buildings in Milpitas that see consistent interest from both tenants and investors alike include the McCarthy Center, the 691 South Milpitas Blvd office building, and the Hillview Executive Park - 830 & 920 Hillview Court.
Milpitas, CA Commercial Inventory Breakdown
Total: 8,747,622 SF
By square footage range:
- 50k to 100k SF: 1,978,166 SF / 22.61% of total office
- 100k to 500k SF: 4,157,116 SF / 47.52% of total office
- 500k to 1M SF: 1,558,968 SF / 17.82% of total office
- > 1M SF: 1,053,372 SF / 12.04% of total office
- Class A: 361,807 SF / 4.14% of total office
- Class B: 7,362,392 SF / 84.16% of total office
- Class C: 73,423 SF / 0.84% of total office
Milpitas, CA - Green Office Space
As both tenants and office building owners continue to embrace the benefits of energy-efficient, LEED-certified, Energy Star-rated, and green-certified office property, the demand for green office space in Milpitas continues to grow. One great example of a LEED-certified office building in Milpitas 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 the commercial real estate market in Milpitas, California.
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 office markets in the country and discovered that, since 2005, the percentage of green office space has increased to 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 green, energy-efficient office buildings.
Milpitas, CA's Top Office-Using Sectors
The Milpitas office market sees tremendous demand from top office-using sectors like the computer, electronics, and healthcare industries, along with large corporate headquarter users.
- Computers – Demand for white-collar office space in Milpitas comes from firms such as Quantum, Maxtor, and International Microsystems Inc.
- Electronics – Cisco Systems, Seagate Technology, and Phoenix Technologies help drive the demand for commercial real estate in Milpitas.
- Healthcare – Kaiser Permanente is one of the largest employers in this top office-using sector.
- Corporate Headquarters – White-collar office employment in Milpitas comes from companies such as Adaptec, Intersil, Linear Technology, Sandisk, and Flex, which are headquartered in the city.
- Total Population75,498
- Male Population(50.0 %) 37,742
- Female Population(50.0 %) 37,756
- Median Age36.50
- Average Household Income$129,005
- Median Household Income$110,752
- Median Income Under 25$49,879
- Median Income 25-44$130,448
- Median Income 45-64$118,004
- Median Income Over 65$57,784