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Spec Development Shows Diverse Options

SAN JOSE, CA—Projects like 500 Santana Row—the 233,000-square-foot class-A office property under construction at the iconic mixed-use retail village—show the diverse range of product, versus prior expansion periods focused on suburban campuses, a local source EXCLUSIVELY tells GlobeSt.com.

By Natalie Dolce | Updated on March 10, 2015

SAN JOSE, CA—Some 960,000 square feet of speculative development is on track to be completed in 2015 here in Silicon Valley. A top-10 list of spec development projects in the region (shown below), provided by Newmark Cornish & Carey, shows a sign of market balance, and projects like 500 Santana Row—the  233,000-square-foot class-A office property under construction at the iconic mixed-use retail village—illustrate the diverse range of product, versus prior expansion periods focused on suburban campuses. That is according to the firm’s Randy Gabrielson.

Gabrielson says that robust, jobs-based demand in the marketplace will need the spec elbow room. “With today’s historically low 9% class A vacancy rate and dozens of growth companies actively seeking space, the office market is poised for continued positive net absorption in 2015 with asking rates expected to stabilize or continue to increase.”

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