Strength in downtown Mtn View

| December 22, 2009 | 1 Comment

The Mountain View Voice is a good local paper, and I was pleased yesterday to see them provide some coverage of the local commercial real estate market.  I’ve suggested for some time now that there were a few local submarkets where conditions on the ground were a good deal better then broader conditions would suggest, and downtown Mtn View has been at the top of my list of markets to track.

Mtn View’s Economic Development director, Ellis Berns, is quoted extensively in the article, and his observations about what attracts tenants to downtown are pretty much spot-on.  Good amenities and access to public transport have always been important to start-ups, and one would be hard-pressed to find a location with a better offering of these two amenities then Castro Street.  My experience in representing the office space at the very successful Town & Country Village suggests that a well-marketed project with strong amenities and pricing that is competetive against the benchmark rates in downtown Palo Alto will do well.

I actually think that the downtown market is even stronger then represented in the Voice article.  My own index of major downtown Mtn View office buildings shows a current vacancy rate of 9.35%, reflecting a handful of very recent transactions.  Colliers shows an overall vacancy rate of 14.4% as of the beginning of December in Mtn View.  I’ll be paying close attention to the quarter-end numbers, which should be in hand shortly.

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