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Santa Clara County retail building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking NNN Rent | |
|---|---|---|---|---|
| North Bay | 3.37% | 5.06% | 27,980,368 | $25.55 |
| East Bay | 6.27% | 8.58% | 52,504,697 | $30.56 |
| West Bay | 5.26% | 5.92% | 12,809,448 | $45.79 |
| South Bay | 4.83% | 6.08% | 38,179,947 | $35.91 |
| Total Bay Area Retail Market | 5.14% | 6.85% | 131,474,460 | $32.75 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
The largest cities in Santa Clara County by population include: San Jose, Sunnyvale, Santa Clara, Mountain View, Milpitas, Palo Alto, Cupertino, Gilroy, Morgan Hill, Campbell, Los Gatos, and Saratoga.
Silicon Valley office building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking Rent | |
|---|---|---|---|---|
| San Jose Downtown - Total | 20.0% | 21.1% | 11,944,682 | $4.34 |
| San Jose Downtown – Class A | 20.4% | 21.5% | 5,030,948 | $5.20 |
| San Jose North – Total | 17.1% | 18.5% | 15,137,370 | $3.95 |
| San Jose North – Class A | 19.7% | 21.2% | 11,343,968 | $4.10 |
| San Jose South – Total | 3.5% | 4.0% | 2,416,999 | $2.42 |
| San Jose South – Class A | 2.3% | 2.3% | 573,617 | $2.75 |
| Total Silicon Valley - Class A | 15.7% | 17.8% | 71,952,084 | $6.21 |
| Total Silicon Valley Market | 15.5% | 17.4% | 103,794,917 | $5.60 |
Analysis By Wester Property Advisors 2023
Data By CBRE Market Research 2023
Cities and neighborhoods in this market include San Jose, Milpitas, Cupertino, West Valley, Santa Clara, Sunnyvale, Mountain View, Los Altos, Palo Alto, Fremont, and Newark.
Santa Clara County hotel property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| UNITED STATES DATA | Total | Change From 2019 |
|---|---|---|
| Occupancy | 62.70% | -4.90% |
| ADR | $149.00 | 13.6% |
| RevPAR | $93.27 | 8.10% |
Analysis By WPA 2023
Data By STR, TE, February 3, 2023 (Published), As of December 31, 2022
2022 Year End Indicators
* Uneven, non-linear recovery across industry segments.
* Overall construction pipeline activity is down. Some December 2022 growth in construction is seen.
Santa Clara County industrial building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking Rent | |
|---|---|---|---|---|
| Palo Alto | 2.00% | 2.00% | 1,269,247 | $2.90 |
| Mountain View/Los Altos | 4.00% | 4.70% | 1,858,307 | $2.87 |
| Sunnyvale | 2.80% | 3.50% | 5,879,277 | $2.90 |
| Santa Clara | 2.20% | 3.30% | 14,882,474 | $1.61 |
| West Valley | 3.20% | 4.40% | 1,591,717 | $2.00 |
| San Jose-IBP/Downtown | 2.90% | 3.70% | 12,566,657 | $1.32 |
| San Jose-North | 1.80% | 2.40% | 10,550,101 | $1.59 |
| San Jose-South | 4.00% | 5.10% | 12,774,905 | $1.31 |
| Milpitas | 2.10% | 2.40% | 9,657,524 | $1.55 |
| Fremont/Newark | 1.50% | 2.40% | 37,077,594 | $1.47 |
| Total Manufacturing | 2.60% | 3.30% | 59,669,981 | $1.71 |
| Total Warehouse | 2.00% | 2.90% | 48,437,822 | $1.39 |
| Total Industrial Market - Silicon Valley | 2.30% | 3.10% | 108,107,803 | $1.56 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Data included for the peninsula cities of: Daly City, Brisbane, South San Francisco, San Bruno, Millbrae, Burlingame, San Mateo, Belmont, San Carlos, Redwood City, Meno Park, Palo Alto, and East Palo Alto.
Santa Clara County and Silicon Valley multi-family building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Total | |
|---|---|
| Vacancy | 4.40% |
| Average Effective Market Rent | $3,040 |
| Y-O-Y Avg. Effective Rent Increase | 7.40% |
| Construction Units Completed (Past 12 Mos.) | 3,239 Units |
| % Increase in Inventory (Past 12 Mos.) | 1.70% |
Analysis By WPA 2023
Data By Marcus & Millichap 2023
The largest cities in Santa Clara County by population include: San Jose, Sunnyvale, Santa Clara, Mountain View, Milpitas, Palo Alto, Cupertino, Gilroy, Morgan Hill, Campbell, Los Gatos, and Saratoga.
Santa Clara County is found at the southernmost tip of the San Francisco Bay, with San Mateo County located adjacent to the northwest, Alameda County adjacent to the north, Stanislaus County bordering to the east, Merced County bordering to the southeast, and San Benito County located due south. The largest city in the County is San Jose.
For the Silicon Valley office market, total availabilities reached 17.4%, including sublease space, most of which was direct vacancy of 15.5%. For Class A space, availabilities were yet higher at 17.8%, of which 15.7% were direct vacancy. In the first quarter, net absorption was negative at 1,252,690 square feet for the market overall, with most of the negative absorption being in Class A space, comprising 935,842 square feet in lost occupancy.
Downtown San Jose indicated lower occupancy, with their direct vacancy reaching 20.0% and the total availability reaching 21.1%. Class A space was higher in vacancy at 20.4% and total availability at 21.5%. Negative net absorption was 176,441 square feet for the market of which 99,833 square feet was Class A.
The sub-market with highest vacancy was Santa Clara, also the sub-market with the second largest inventory of 15,594,822 square feet, of which their vacancy was 25.5% and total availability was 26.6%. Further north on the Peninsula, Palo Alto experienced a vacancy of 18.0 percent and total availability of 23.2%. Even higher were the Class A availabilities of 24.7%.
These trends in Santa Clara are for negative net absorption, mostly in Class A space, and with above average vacancy and availability in Class A space, both in the CBD and suburbs. This office market is seeing the lowest net absorption in 20 years. Clearly this is the result of work from home trends, rising interest rates, rising layoffs in technology employment, and the specter of an uncertain future prospects for the economy as companies prepare for a possible recession.
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Director, Valuation Services
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