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North Peninsula Market Reports

North Peninsula Office Market

Average FS Asking Rent (Price/SF)            $4.68
Availability Rate(%)         11.05%
Net Absorption (SF)      -146,504

The North Peninsula's average asking rate is currently $4.68/SF, up from $4.64/SF in the prior quarter. Overall vacancy rose this quarter to 11.0%, up from 10.3% at the close of the prior quarter. An additional 155,959 square feet of sublease space came on the market in the North Peninsula this quarter, justifying Newmark Knight Frank's forecast of a growing sublease market. Currently, 84.0% of the sublease market is Class A, which is up from 75.0% in the previous quarter. Tenant demand increased 18.3% this quarter and now stands at approximately 2.4 million square feet, with a bulk of requirements in the 20,000 to 50,000-square-foot range.

  North Peninsula Industrial Market

Average NNN Asking Rent (Price/SF)       $2.54
Availability Rate (%)      2.70%
Net Absorption (SF)     -4,866

The San Mateo County R&D market has recorded its fourth consecutive quarter of positive absorption and fourth consecutive quarter of overall rate rental growth. Overall rates are up $0.15/SF from $4.07/SF in the previous quarter. Depleted stock of product in the San Mateo County industrial market keeps total availability below 3.0% for a sixth consecutive quarter.

North Peninsula Office Market Report
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North Peninsula Industrial Market Report
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