Mountain View, CA - Office Market Overview
The Mountain View real estate market includes the Cuesta Park, North Whisman, and Wagon Wheel commercial real estate submarkets. While the city is home to about 80,000 residents, Mountain View is also part of the larger San Jose metro area, which is home to almost 2 million people. As one of the major cities in the Silicon Valley region, there is robust demand for white-collar office space in Mountain View.
As of mid-2017, the Mountain View office market encompasses nearly 13 million square feet of existing office space in properties larger than 50,000 square feet. Bordered by the cities of Palo Alto and Sunnyvale, the commercial real estate market in Mountain View, CA, is driven by an amazing demand for space from the many high technology companies, both large and small.
Mountain View, CA - Office Inventory Description
Once a small stagecoach stop, over the years Mountain View has grown tremendously and is now home to the headquarters of some of the largest technology companies in the world. Because of that, it's no surprise that Class A and A+ office space in Mountain View accounts for over 70% of the total office inventory, while Class B office product adds another 3.8 million square feet to the market.
One of the many areas of Mountain View that sees consistently robust demand from both Class A tenants and office building investors is The Crossings office submarket. Located between El Camino Real and Alma Street, east of San Antonio Road, this area is home to portfolio properties such as the Old Mill Office Center, 2570 West El Camino Real, and the 2440 West El Camino Real office building.
Mountain View, CA Commercial Inventory Breakdown
Total: 23,340,324 SF
By square footage range:
- 50k to 100k SF: 4,608,149 SF / 19.74% of total office
- 100k to 500k SF: 13,251,096 SF / 56.77% of total office
- 500k to 1M SF: 4,044,478 SF / 17.33% of total office
- > 1M SF: 1,436,601 SF / 6.16% of total office
- Class A: 12,187,448 SF / 52.22% of total office
- Class B: 4,653,509 SF / 19.94% of total office
- Class C: 60,335 SF / 0.26% of total office
Mountain View, CA - Green Office Space
High-tech tenants in Mountain View are increasingly demanding energy-efficient, green office space, and developers in the city are definitely meeting that demand. About 15% of the office buildings larger than 50,000 square feet in Mountain View are either green, LEED or Energy Star-rated, bringing nearly 2.3 million square feet of green office space to the Mountain View office market.
One excellent example of a LEED-certified office building in Mountain View is the 899 West Evelyn building. Located in the Old Mountain View commercial real estate submarket, this Class A property was built in 2013 and brings nearly 69,000 square feet of LEED Gold-certified office space to tenants in Mountain View, California.
Both in California and around the country, the availability of green office space has increased tremendously over the last 12 years. The most recent National Green Building Adoption Index surveyed the top 30 U.S. office markets, and found that the percentage of green, Energy Star, and LEED-certified office space skyrocketed 33% over the past dozen years. In fact, California is home to six of the top green office markets in the country.
Mountain View, CA's Top Office-Using Sectors
The Mountain View commercial real estate and Class A office market is largely driven by top office-using sectors like technology, life sciences, government & healthcare, and larger corporate office users.
- Technology – Google/Alphabet, Linkedin, Microsoft, and Intuit are just some of the many companies that create demand for office space in Mountain View.
- Life Sciences – Demand for commercial real estate in Mountain View also comes from companies such as Alexza Pharmaceuticals, Complete Genomics, Omnicell, Siemens Medical Solutions, and 23andMe.
- Government & Healthcare – The City of Mountain View and El Camino Hospital are two of the largest employers in the city.
- Corporate Offices – Samsung, Pure Storage, and Veritas Technologies are a few of the many companies that create white-collar office employment in Mountain View.
Mountain View Demographics
- Total Population80,517
- Male Population(52.4 %) 42,204
- Female Population(47.6 %) 38,313
- Median Age35.10
- Average Household Income$155,741
- Median Household Income$120,028
- Median Income Under 25$101,052
- Median Income 25-44$144,800
- Median Income 45-64$116,646
- Median Income Over 65$53,988