The CMO Survey - Highlights and Insights Report - Spring 2024
Q2 2013 north peninsula quarterly report
1. Second Quarter 2013 • North Peninsula Office, Flex and Industrial Space
SAN MATEO OFFICE
901 Mariners Island Boulevard, Suite 125 • San Mateo, CA 94404 • Tel: 650.341.5800 • Fax: 650.341.7024
www.ccareynkf.com
2. Cornish & Carey Commercial Newmark Knight Frank North Peninsula Quarterly Report is based on a quarterly survey of competitive Office, Industrial
and R&D buildings. The data included in this report incorporates not only space presently available on the market, but also space that we have been led
to believe will come onto the market in the foreseeable future.
Information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its
accuracy, but make no guarantee, warranty or representation about it. All information should be verified prior to lease or purchase.
North Peninsula Office, Flex and Industrial Space • Second Quarter
TABLE OF CONTENTS
Coverage Map 1
North Peninsula - Office Market
Office Market Summary 2
Office Market Class A 3
Office Market Highlights 4
Office Historical Statistics 5-6
North Peninsula - R&D Market
R&D Market Summary 7
R&D Market Highlights 8
R&D Historical Statistics 9-10
North Peninsula – Industrial Market
Industrial Market Summary 11
Industrial Market Highlights 12
Industrial Historical Statistics 13-14
Agent Roster 15
4. 2
North Peninsula Office, Flex and Industrial Space • Second Quarter
OFFICE MARKET SUMMARY
Gross Net Absorption
City Inventory Overall Direct Sublease Overall Direct Sublease Absorption (SF) (SF) Rental Rates
Belmont 865,259 8.25% 8.25% 0.00% 71,386 71,386 0 62,919 46,321 $2.91
Brisbane 801,779 58.37% 57.13% 1.25% 468,034 458,034 10,000 0 (13,766) $3.01
Burlingame 3,056,035 10.29% 10.14% 0.15% 314,429 309,820 4,609 38,085 7,613 $2.11
Daly City 1,063,255 23.89% 22.96% 0.92% 253,973 244,153 9,820 0 0 $3.06
Foster City 3,221,179 18.95% 18.53% 0.42% 610,256 596,730 13,526 77,288 16,253 $3.44
Menlo Park 4,987,918 11.19% 9.16% 2.03% 558,200 457,091 101,103 78,705 (17,757) $4.90
Redwood City 4,522,588 15.30% 12.93% 2.37% 691,764 584,779 106,985 39,382 (53,311) $3.70
Redwood Shores 4,238,361 7.00% 4.51% 2.48% 296,477 191,165 105,312 136,162 36,654 $3.58
San Bruno 1,570,160 9.27% 9.27% 0.00% 145,629 145,629 0 20,102 7,242 $2.55
San Carlos 1,206,247 13.19% 12.51% 0.68% 159,130 150,944 8,186 1,160 1,160 $3.08
San Mateo 7,718,038 14.23% 13.33% 0.90% 1,098,067 1,028,578 69,489 203,401 (14,325) $3.17
South San Francisco 2,822,717 19.46% 18.39% 1.07% 549,206 518,960 30,246 26,465 (7,605) $3.02
Total 36,073,536 14.46% 13.19% 1.27% 5,216,545 4,757,269 459,276 683,669 8,479 $3.36
*Office Rental Rates are weighted averages of rate and available square footage of direct lease space. All rates are quoted as Full Service.
Availability Rate Availability (SF)
5. 3
North Peninsula Office, Flex and Industrial Space • Second Quarter
OFFICE MARKET CLASS A
Gross
Inventory Overall Direct Sublease Overall Direct Sublease Absorption (SF) Rental Rates
Belmont 377,400 0.00% 0.00% 0.00% 0 0 0 0 0 $0.00
Brisbane 682,009 82.07% 80.60% 1.47% 559,718 549,718 10,000 0 0 $3.03
Burlingame 761,231 16.44% 15.83% 0.61% 125,139 120,530 4,609 19,022 3,494 $2.51
Daly City 657,509 31.15% 30.69% 0.46% 204,830 201,822 3,008 0 0 $3.34
Foster City 2,429,243 21.53% 21.25% 0.28% 523,073 516,170 6,903 45,909 (701) $3.57
Menlo Park 3,076,277 11.99% 9.79% 2.20% 368,667 301,082 67,585 44,824 (28,762) $5.89
Redwood City 2,723,239 15.72% 11.78% 3.94% 428,064 320,860 107,204 20,704 (36,116) $3.76
Redwood Shores 3,884,464 6.74% 4.03% 2.71% 261,875 156,563 105,312 136,162 86,347 $3.76
San Bruno 827,253 3.27% 3.27% 0.00% 27,062 27,062 0 1,837 (9,647) $3.25
San Carlos 450,240 28.29% 28.29% 0.00% 127,363 127,363 0 0 0 $3.38
San Mateo 4,450,592 14.30% 13.05% 1.25% 636,520 580,968 55,552 119,063 (27,163) $3.48
South San Francisco 1,750,765 23.37% 21.97% 1.40% 409,180 384,668 24,512 22,641 (1,871) $3.47
Total 22,070,222 16.64% 14.89% 1.74% 3,671,491 3,286,806 384,685 410,162 (14,419) $3.67
*Office Rental Rates are weighted averages of rate and available square footage of direct lease space. All rates are quoted as Full Service.
Net Absorption
(SF)
Availability Rate Availability (SF)
6. 4
North Peninsula Office, Flex and Industrial Space • Second Quarter
OFFICE MARKET HIGHLIGHTS
Building City Lessee/Sublessee Lessor/Sublessor Size (SF)
100 Redwood Shores Parkway Redwood Shores Acxiom LBA Realty 62,721
1001 Hillsdale Blvd (Sublease) Foster City Zoura Rearden Commerce 41,706
2 Waters Park Drive San Mateo AdapTV TA Associates 26,934
900 Concar Drive (Sublease) San Mateo Indeed Salesforce.com 22,791
4000 Shoreline Court (Sublease) South San Francisco CollabNet Future US, Inc. 22,641
110 Marsh Drive (Sublease) Foster City Arena Solutions AB Sciex 22,039
160 Scott Drive Menlo Park DSSD, Inc. Bohannon Development Company 20,277
1875 Grant Street (S) San Mateo Alienvault LLC Crossroads Associates 14,122
1825 Grant Street (S) San Mateo NetSpend, Inc Crossroads Associates 12,131
1810 Gateway Drive San Mateo Nexant Equity Office Properties 12,041
303 Twin Dolphin Drive Redwood Shores Vindicia Provident Credit Union 12,036
1818 Gilbreth Road Burlingame Women's Recovery Association Certosa Inc. 11,870
101 Redwood Shores Parkway (Sublease) Redwood Shores Host Analytics Perfect World Entertainment Inc. 11,488
800 Concar Drive (Renewal) San Mateo Bertram Capital Management, LLC JP Morgan 10,402
1700 Seaport Blvd (Sublease) Redwood City Course Hero, Inc. Starwood Capital Group 10,133
Building City Available Direct/Sublease Size (SF)
1001 Hillsdale Blvd (E) West Tower Foster City Now Sublease 41,706
4400 Bohannon Drive Menlo Park Now Sublease 28,556
611 Gateway Blvd South San Francisco Now Sublease 24,512
1600 Seaport Blvd Redwood City Sep. 2013 Direct 23,082
275 Shoreline Drive Redwood Shores Now Sublease 20,198
1200 Park Place -Bldg 4 San Mateo Now Direct 18,200
1300 Seaport Blvd Redwood City Now Sublease 17,102
3400 Bridge Parkway Redwood Shores Now Sublease 15,760
1300 El Camino Real (S) San Mateo Now Direct 15,230
348 Hatch Drive Foster City Now Direct 13,088
1200 Park Place -Bldg 4 San Mateo Now Direct 11,900
Building City Buyer Seller Size (SF)
1633 Bayshore Highway Burlingame Han Qi Investments ATC Partners 104,000
1235 Radio Road Redwood Shores Kennedy Wilson Properties Ltd. Premia Capital, LLC 89,000
Building City Available Size (SF)
1850 Gateway Drive San Mateo Now 142,911
343 Gellert Blvd Daly City Now 7,200
LARGEST SECOND QUARTER 2013 LEASE TRANSACTIONS
SIGNIFICANT SECOND QUARTER 2013 PROPERTIES MARKETED FOR SALE
SIGNIFICANT SECOND QUARTER 2013 SALE TRANSACTIONS
SIGNIFICANT SECOND QUARTER 2013 PROPERTIES MARKETED FOR LEASE
9. 7
North Peninsula Office, Flex and Industrial Space • Second Quarter
R&D MARKET SUMMARY
Gross Net Absorption
City Inventory Overall Direct Sublease Overall Direct Sublease Absorption (SF) (SF) Rental Rates
Belmont 302,370 16.38% 16.38% 0.00% 49,540 49,540 0 14,500 14,500 $1.25
Brisbane 223,342 13.76% 0.00% 13.76% 30,722 0 30,722 0 0 $0.75
Burlingame 512,281 6.05% 5.15% 0.90% 30,980 26,371 4,609 30,372 30,342 $2.98
Foster City 1,738,963 2.84% 2.26% 0.59% 49,443 39,243 10,200 6,391 (31,303) $1.88
Menlo Park 4,483,853 7.76% 7.58% 0.18% 347,893 33,962 7,931 30,182 (3,784) $1.59
Redwood City 2,604,635 12.10% 10.70% 1.40% 315,196 278,624 36,421 16,885 (39,623) $1.79
Redwood Shores 1,110,504 16.12% 11.58% 4.54% 179,068 128,624 50,444 48,107 (23,309) $2.83
San Carlos 751,421 19.00% 19.00% 0.00% 142,780 142,780 0 40,775 40,000 $1.36
San Mateo 36,693 0.00% 0.00% 0.00% 0 0 0 0 0 $0.00
South San Francisco 8,582,344 12.32% 5.29% 7.02% 1,057,059 454,151 602,908 253,090 (74,200) $2.62
Total 20,346,406 10.83% 5.67% 3.65% 2,202,681 1,153,295 743,235 440,302 (87,377) $2.20
*Average Rental Rates for R&D space are weighted averages of asking prices of available space for direct lease. All R&D rates are quoted as NNN.
Availability Rate Availability (SF)
10. 8
North Peninsula Office, Flex and Industrial Space • Second Quarter
R&D MARKET HIGHLIGHTS
Building City Lessee/Sublessee Lessor/Sublessor Size (SF)
201 Industrial Road (Sublease) San Carlos Novartis BioMed Realty 40,775
1400 Bridge Parkway (Renewal) Redwood Shores X-Time Prudential/Harvest Properties 25,637
181 Constitution Drive Menlo Park InnVision Shelter Network Bohannon Trust Partnership II 16,134
1100 Island Drive (Renewal) Redwood Shores Atieva, Inc. Prudential/Harvest Properties 8,171
333 Allerton Avenue South San Francisco Second Genome Inc. HCP, Inc. 5,500
Building City Available Direct/Sublease Size (SF)
333 Allerton Avenue South San Francisco Now Sublease 45,505
595 Penobscot Drive Redwood City Now Direct 18,512
610 Galveston Drive Redwood City Now Direct 15,121
111 Independence Drive Menlo Park Now Direct 15,000
900 Island Drive Redwood Shores Now Direct 12,874
1400 Bridge Parkway Redwood Shores Now Direct 11,620
341 Oyster Point Blvd South San Francisco Now Direct 11,547
323 Vintage Park Drive Foster City Now Direct 10,080
Building City Buyer Seller Size (SF)
3565 Haven Avenue Menlo Park CapRock Partners Beals Martin & Associates Inc. 31,162
828 Airport Blvd Burlingame Phoenix Pharmaceuticals 828 Owners, LLC 25,558
2761 Fair Oaks Avenue Redwood City West Bay Housing Vela Corporation 15,000
2731 Fair Oaks Avenue Redwood City North Mountain Investors, LLC Vela Corporation 10,000
Building City Available Size (SF)
333 Hatch Drive Foster City Now 33,228
2731 Fair Oaks Avenue Redwood City Now 10,500
LARGEST SECOND QUARTER 2013 LEASE TRANSACTIONS
SIGNIFICANT SECOND QUARTER 2013 PROPERTIES MARKETED FOR LEASE
SIGNIFICANT SECOND QUARTER 2013 PROPERTIES MARKETED FOR SALE
SIGNIFICANT SECOND QUARTER 2013 SALE TRANSACTIONS
13. 11
North Peninsula Office, Flex and Industrial Space • Second Quarter
INDUSTRIAL MARKET SUMMARY
Gross Net Absorption
City Inventory Overall Direct Sublease Overall Direct Sublease Absorption (SF) (SF) Rental Rates
Belmont 1,767,217 3.43% 3.43% 0.00% 60,545 60,545 0 880 (7,200) $1.02
Brisbane 4,312,394 12.88% 6.66% 6.22% 555,444 287,192 268,252 72,913 66,913 $0.74
Burlingame 4,345,763 5.42% 4.79% 0.63% 235,462 208,200 27,262 33,000 (20,094) $0.85
Daly City 1,016,311 1.03% 1.03% 0.00% 10,500 10,500 0 0 0 $0.65
Foster City 577,291 3.96% 3.31% 0.66% 22,882 19,080 3,802 13,500 13,420 $1.75
Menlo Park 3,233,470 7.67% 7.31% 0.36% 247,966 236,466 11,500 5,000 (25,376) $0.83
Redwood City 4,075,726 6.57% 6.18% 0.39% 267,797 251,997 15,800 1,200 (19,275) $0.79
Millbrae 228,991 0.00% 0.00% 0.00% 0 0 0 0 0 $0.65
San Bruno 291,042 3.58% 1.24% 2.35% 10,425 3,600 6,825 0 0 $0.78
San Carlos 3,212,475 2.14% 2.14% 0.00% 68,627 68,627 0 54,491 43,991 $0.96
San Mateo 1,144,722 3.22% 3.22% 0.00% 36,813 36,813 0 0 0 $0.57
South San Francisco 15,381,974 8.23% 7.35% 0.89% 1,266,619 1,130,478 136,141 279,590 72,911 $0.68
Total 39,587,376 7.03% 5.84% 1.19% 2,783,080 2,313,498 469,582 460,574 125,290 $0.75
* Industrial Rental Rates are weighted averages on asking rates during this quarter. All Industrial rates are quoted as NNN.
Availability Rate Availability (SF)
14. 12
North Peninsula Office, Flex and Industrial Space • Second Quarter
INDUSTRIAL MARKET HIGHLIGHTS
Building City Lessee/Sublessee Lessor/Sublessor Size (SF)
245 Spruce Avenue (S) South San Francisco Stitch Fix Prologis 83,588
145 Hill Drive (S) Brisbane Del Monte Meat Company, Inc. BiRite Corp. 50,753
439 Eccles Avenue South San Francisco LD Alliance Allan & Henry Inc. 40,200
54 Tanforan Avenue South San Francisco SF Bus Company Phillip L & Maryann L Rogers 26,500
340 Shaw Road South San Francisco CHEP Krieger Properties 25,000
350 Harbor Way (Renewal) South San Francisco Target 350 Harbor Way Associates 24,624
480 Valley Drive Brisbane Gizmo Spencer Trust 22,160
405 Victory Avenue South San Francisco Garage Master, Inc. SSF Industrial, LLC 20,023
1728 Gilbreth Road (Sublease) Burlingame Petit Pains Bay Bread, LLC 20,000
400 Grandview Drive South San Francisco Hellman Worldwide Logistics Genentech Inc. 19,750
238 Lawrence Avenue South San Francisco Transgroup Worldwide Lawrence Littlefield 17,500
642 Quarry Road (Expansion) San Carlos DryFast Angelo & Irma Ferro 16,000
503 Quarry Road San Carlos Flowers Baking Company Al Schick 14,400
Building City Available Direct/Sublease Size (SF)
437 Rozzi Place South San Francisco Now Direct 36,942
1511 Adrian Road Burlingame Now Direct 28,168
1200 Hamilton Court Menlo Park Sep. 2013 Direct 26,234
239 Utah Avenue South San Francisco Now Direct 25,262
1140 Hamilton Court Menlo Park Now Direct 22,320
820 Stanton Road Burlingame Now Direct 21,500
783 Broadway Redwood City Now Sublease 15,800
1465 Carolan Avenue (N) Burlingame Now Direct 14,378
1250 Rollins Road Burlingame Sep. 2013 Sublease 13,852
1170 Hamilton Court Menlo Park Now Direct 11,176
Building City Buyer Seller Size (SF)
1200-1220 San Mateo Avenue South San Francisco IIT Acquisitions, LLC Kelly & Tony Investment Company 87,230
240 Littlefield Avenue South San Francisco Terreno Realty Arthur, Gilbert & Rosalinde (Trs) 85,000
1050 Broadway Street Redwood City Suncap Redwood, LLC Arthur & Carol Graham 45,347
480 Valley Drive Brisbane W.D. Spencer San Bruno Association 22,160
3639 Haven Avenue Menlo Park Apik 7, LLC Ronald Ball 32,720
490 Eccles Avenue South San Francisco Fruit Guys Llc Yasutomo & Company 31,104
Building City Available Size (SF)
233 Michelle Court South San Francisco Now 46,700
820 Stanton Road Burlingame Now 21,500
2900 Spring Street Redwood City Now 10,190
SIGNIFICANT SECOND QUARTER 2013 PROPERTIES MARKETED FOR SALE
LARGEST SECOND QUARTER 2013 LEASE TRANSACTIONS
SIGNIFICANT SECOND QUARTER 2013 PROPERTIES MARKETED FOR LEASE
LARGEST SECOND QUARTER 2013 SALE TRANSACTIONS