LARRY LIONEL YOUNG JR.,MBA
Business Advisor Broker|Broker Associate| Loan Officer| State Recruiter| Commercial Specialist |Star
DRE.01498389 NMLS..1942271
M 675 Ygnacio Valley Rd Walnut Creek CA. 20980 Redwood Rd Suite 100, Castro Valley, CA 94546 5900 Canoga Avenue Suite 200,Woodland Hills, CA 91367
B 5741 Telegraph Oakland CA 94609 828 Bay Ave, Capitola, CA 95010 1569 Sloat Blvd San Francisco, CA 94132 1243 Broadway Burlingame CA 94010
The San Jose apartment market is comprised of 148,883 units in nine geographic concentrations ranging in size from the 37,121 unit Northeast San Jose submarket to the Campbell/Los Gatos submarket, which accounts for 6,610 units. In the ten-year period beginning with Q2 2014, the Northeast San Jose submarket has experienced the greatest introduction of new inventory, 14,203 units, amounting to 45.4% of all new market rate rentals added to the market.
The San Jose warehouse/distribution market is comprised of 36.6 million square feet in seven geographic concentrations ranging in size from the 7.3 million square foot North San Jose/Milpitas submarket to the Sunnyvale submarket, which accounts for 3.3 million square feet. In the ten-year period beginning with Q2 2014, the Morgan Hill/Gilroy submarket has experienced the greatest introduction of new inventory, 940,000 square feet, amounting to 47.6% of all new competitive stock added to the market.
A comprehensive examination of the San Jose Flex/R&D market reveals that the largest concentrations of competitive Flex/R&D space are located in the North San Jose/Milpitas submarket, representing 22.7 million square feet and 34.4% of the metropolitan inventory, followed by Santa Clara, with a 20.9% share, and Sunnyvale (15.1%). Since the beginning of Q2 2014, the fastest growing area has been the North San Jose/Milpitas submarket, adding 907,000 square feet over that period, or 57.9% of total metropolitan Flex/R&D completions.
The San Jose office market is comprised of 74.3 million square feet in five geographic concentrations ranging in size from the 33.3 million square foot Santa Clara/Sunnyvale submarket to the Cupertino/Campbell/Los Gatos submarket, which accounts for 8.6 million square feet. In the ten-year period beginning with Q2 2014, a majority of all new construction, 14.7 million square feet, representing 70.6% total new inventory in the metro, has occurred in the Santa Clara/Sunnyvale submarket.
The San Jose retail market is comprised of 21.7 million square feet in three geographic concentrations ranging in size from the 10.5 million square foot San Jose/South County submarket to the West County submarket, which accounts for 4.6 million square feet. In the ten-year period beginning with Q2 2014, a majority of all new construction, 721,000 square feet, representing 60.9% total new inventory in the metro, has occurred in the San Jose/South County submarket.
White/Blue Collar Jobs
| Units/SF | Q3 2023 | Q1 2024 |
|---|---|---|
| Total | 148,517 | 148,883 |
| Completions | 518 | 366 |
| Conversions* | 0 | 0 |
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Apartment properties, rent is a weighted average quoted as monthly rent per unit.
| Units/SF | Q3 2023 | Q1 2024 |
|---|---|---|
| Total | 36,596,000 | 36,596,000 |
| Completions | 0 | 0 |
| Conversions* | 0 | 0 |
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Retail and Industrial properties, rent is a weighted average quoted as annual NNN rent per square foot.
| Units/SF | Q3 2023 | Q1 2024 |
|---|---|---|
| Total | 66,151,000 | 66,151,000 |
| Completions | 0 | 0 |
| Conversions* | 0 | 0 |
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. Negative value indicates a loss of market rate units, positive value indicates a repurposing to market rate rental units. †Percent change from the previous time period. ‡For Retail and Industrial properties, rent is a weighted average quoted as annual NNN rent per square foot.
| Units/SF | Q3 2023 | Q1 2024 |
|---|---|---|
| Total | 74,074,000 | 74,254,000 |
| Completions | 75,000 | 0 |
| Conversions* | 0 | 0 |
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡Office properties are a weighted average quoted as an annual gross rent per square foot.
| Units/SF | Q3 2023 | Q1 2024 |
|---|---|---|
| Total | 9,609,000 | 9,609,000 |
| Completions | 0 | 0 |
| Conversions* | 0 | 0 |
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Retail and Industrial properties, rent is a weighted average quoted as annual NNN rent per square foot.