3rd Quarter stats– a preview

| October 4, 2011 | 0 Comments

In the process of reviewing market statistics for our 3rd Quarter report, which I will begin writing shortly. A quick preview:

  • The Office vacancy rate for San Mateo County closed 3Q at 13.9%, down slightly from the previous quarters 14.3%. Gross Absorption for the quarter was a respectable 1.16M SF. Year to date, Office rents are up County-wide by ±6.8%
  • The market for Class B office space was flat from the prior quarter, with vacancies remaining essentially unchanged at 17.9%.
  • Statistics for the South Peninsula (Mtn. View, Palo Alto and Los Altos) will be available shortly, and the vacancy rate for the entire Peninsula will certainly be lower when these strong submarkets are added to the mix.
  • We do have preliminary numbers for the downtown Palo Alto submarket, however. The vacancy rate for the downtown submarket is an amazing 1.48%. Adding available-but-occupied spaces gives us an Availability Rate of 2.68%. Rents have actually remained flat for the past several months, which, maybe counter intuitively, makes sense. This has been a virtual zero vacancy market for some time now, and I don’t think rents can get pushed up too much more without more data-points– closed deals– to drive them

You can find a snapshot of San Mateo County market conditions HERE, and our current downtown Palo Alto report HERE.

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