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North Peninsula Market Reports

North Peninsula Office Market

Average FS Asking Rent (Price/SF)            $4.95
Availability Rate(%)           10.2%
Net Absorption (SF)         78,268

The North Peninsula's average asking rate is currently $4.95/SF Full Service, up from $4.91/SF in the prior quarter. Overall availability decreased this quarter to 10.2%, down from 10.7% at the close of the prior quarter. On the sublease front, availability remained at 2.3% of the total inventory and 22.6% of the total availability. By comparison, in the previous quarter, sublease space accounted for 2.4% of total inventory and 22.4% of total availability.

  North Peninsula Industrial Market

Average NNN Asking Rent (Price/SF)      $2.72
Availability Rate (%)      2.8%
Net Absorption (SF) 594,995

The San Mateo County industrial market recorded 54,363 square feet of absorption this quarter, its first quarter of positive absorption since first-quarter 2017. The overall industrial asking rate increased by $0.02/SF from the previous quarter and shot up by $0.12/SF year-over-year to end the first half of 2018. Four out of the 12 major submarkets recorded overall rent increases, led by Redwood City with a 9.5% jump. Overall industrial vacancy was recorded at 2.5%, making this the 10th straight quarter below the 3.0% vacancy threshold. The San Mateo R&D market ended the second quarter of 2018 with a vacancy rate of 3.2%, down from 4.3% in the previous quarter and 3.3% one year ago. The R&D market's deal velocity picked up this quarter, as 781,090 square feet of gross absorption was posted, with South San Francisco accounting for 55.0% of that total. Three of the top five lease transactions and the top five sale transactions occurred in South San Francisco this quarter.



North Peninsula Office Market Report
2Q18
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North Peninsula Industrial Market Report
2Q18
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