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North Peninsula Market Reports

North Peninsula Office Market

Average FS Asking Rent (Price/SF)       $5.41
Availability Rate(%)       9.05%
Net Absorption (SF)   265,207

The North Peninsula's average asking rate is currently $5.41/SF full service, up from $5.32/SF in the prior quarter. Overall availability was recorded at 9.1% this quarter, down from 9.4% in the previous. On the sublease front, availability accounted for 2.4% of the total inventory and 26.7% of the total availability. By comparison, in the previous quarter, sublease space accounted for 2.8% of the total inventory and 28.4% of the total availability. Tenant demand decreased 21.6% in the fourth quarter of 2019 to 2.4 million square feet, with the bulk of the requirements now in the 20,000 to 49,999-square-foot range. The construction pipeline currently holds approximately 3.6 million square feet awaiting completion, with 898,505 square feet expected to be delivered next quarter.

  North Peninsula Industrial Market

Average NNN Asking Rent (Price/SF)        $2.84
Availability Rate (%)          5.2%
Net Absorption (SF)  -159,824

 

The North Peninsula R&D market ended the fourth quarter of 2019 with an overall vacancy of 6.6%, up from 5.3% in the previous quarter and up from 6.2% one year ago. On the sublease front, availability accounted for 3.2% of the total inventory and 48.7% of the total availability. By comparison, in the previous quarter, sublease space accounted for 2.0% of the total inventory and 37.3% of the total availability. The market's average asking rate is currently $4.52/SF NNN, up from $4.01/SF in the prior quarter. The R&D leasing market picked up this quarter, recording 963,791 square feet of absorption compared with 684,992 square feet in the previous quarter. Similar to the previous quarter, there were eight completed lease transactions greater than 20,000 square feet executed this quarter.

 



North Peninsula Office Market
4Q19
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North Peninsula Industrial Market
4Q19
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