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North Peninsula Market Reports

North Peninsula Office Market

Average FS Asking Rent (Price/SF)    $5.35
Availability Rate(%)      9.7%
Net Absorption (SF)  67,727

The North Peninsula's average asking rate is currently $5.35/SF full service, up from $4.97/SF in the prior quarter. Overall availability decreased this quarter to 9.7%, down from 9.9% at the close of the prior quarter. On the sublease front, availability accounted for 2.8% of the total inventory and 28.4% of the total availability. By comparison, in the previous quarter, sublease space accounted for 2.9% of the total inventory and 29.3% of the total availability. Currently, the construction pipeline holds approximately 3.1 million square feet awaiting completion, with 357,507 square feet expected to be delivered next quarter. The only completion this quarter was a portion of the Stanford Research Campus in Redwood City located at 455 and 485 Broadway, totaling 320,668 square feet. Tenant demand increased to 3.5 million square feet, up from 3.25 million square feet in the previous quarter, with a bulk of the requirements now in the 20,000 to 49,999-square-foot range.

  North Peninsula Industrial Market

Average NNN Asking Rent (Price/SF)        $2.91
Availability Rate (%)          3.8%
Net Absorption (SF)  -403,353

The North Peninsula R&D market ended the second quarter of 2019 with an overall vacancy of 4.4%, down slightly from 4.6% in the previous quarter. On the sublease front, availability accounted for 1.9% of the total inventory and 44.1% of the total availability. By comparison, in the previous quarter, sublease space accounted for 1.3% of the total inventory and 28.7% of the total availability. The market's average asking rate is currently $4.84/SF NNN, down from $4.89/SF in the prior quarter but up from $4.22/SF one year ago.

The North Peninsula industrial market closed the quarter with an overall vacancy of 3.5%, up from 2.8% in the previous quarter. On the sublease front, availability accounted for 0.9% of the total inventory and 26.6% of the total availability. By comparison, in the previous quarter, sublease space accounted for 0.7% of the total inventory and 24.8% of the total availability.



North Peninsula Office Market
2Q19
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North Peninsula Industrial Market
2Q19
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