The Peninsula continues to benefit from a strong economy, as unemployment rates stand at 2.1%, compared to the national rate of 3.5%. Established and fast-growing companies ranging from a variety of disciplines seek a presence in this market, with its close proximity to transportation services such as Caltrain and BART. Asking rental rates continue to rise in the region, standing at an average of $6.18/s.f. fully serviced. A common trend among tenants in the non-professional sector is the flexibility for shorter-term leases. Additionally, landlords are investing more capital into their spaces to present them market-ready in all size ranges to meet immediate tenant needs.
Peninsula/San Mateo Office Market Report
3rd Quarter 2019