South Peninsula Office Market Report
|Average NNN Asking Rent (Price/SF)||$5.90|
|Availability Rate (%)||12.4%|
|Net Absorption (SF)||201,434|
For the first time in eight quarters, the South Peninsula office market saw positive net absorption, while gross absorption rebounded to close to pre-pandemic levels. With over 60% of America receiving at least one vaccination shot and over 50% of the California population now vaccinated, companies set expectations towards an imminent return to office. Subsequently, the shift lead directly towards increased leasing activity.
South Peninsula R&D Market Report
|Average NNN Asking Rent (Price/SF)||$5.18|
|Availability Rate (%)||11.5%|
|Net Absorption (SF)||140,958|
In the second quarter of 2021, the South Peninsula boasts nearly 1.0 million square feet of gross absorption and positive net absorption for only the second time in the last 12 quarters. The rebound from an abysmal start to the year shows the South Peninsula R&D market is beginning to build momentum to rival the robust activity seen on the North Peninsula throughout the pandemic. Demand remains strong with a healthy diversity of tech, life science and automotive tenants seeking approximately 2.0 million square feet of R&D space in the South Peninsula.