san Jose, california – A substantial office property at 111 St. John St, West, suite 1120, has entered the leasing market, presenting a significant opportunity for businesses seeking space in the heart of Silicon Valley.
Details of the Available Space
The available space encompasses 3,835 square feet, making it suitable for a variety of companies. This location presents immediate availability for prospective tenants looking to establish or expand their presence within the tech-centric surroundings of San Jose.
The emergence of this leasing opportunity coincides with a period of fluctuating demand within the commercial real estate sector. According to a recent report by CBRE, the national office vacancy rate currently stands at 19.8% as of Q2 2024, impacting rental rates and negotiation power for tenants.
Impact on the San Jose Market
The availability of this property adds to the existing inventory of office spaces in San Jose, potentially influencing local market dynamics. San Jose’s commercial real estate market has always been competitive, and this new listing could prompt adjustments in leasing strategies for other properties in the vicinity. The city’s thriving tech industry continues to drive demand, albeit with a growing preference for flexible and hybrid work arrangements.
Did You Know? San jose is consistently ranked among the most expensive cities for commercial real estate in the United States, reflecting its advantageous location and robust economic activity.
| Property Address | Available Space | City | State |
|---|---|---|---|
| 111 St. john St, W., #1120 | 3,835 SF | San Jose | California |
Pro Tip: Before committing to a lease, thoroughly assess your company’s space requirements and future growth projections to ensure the property aligns with your long-term goals.
The presence of this new listing offers a valuable option for businesses navigating the competitive San Jose office market. Its size and location could be particularly attractive to companies looking to expand within the region.
What factors do you consider most vital when choosing an office space? Do you believe hybrid work models will continue to influence the demand for customary office spaces?
Understanding Commercial Leasing Trends
Commercial lease agreements are complex legal documents. Understanding key terms like Net Lease, Gross Lease, and Triple Net (NNN) is crucial for tenants. A Net Lease typically requires tenants to pay property taxes and insurance along with rent. A Gross lease incorporates these expenses into the rental rate. NNN leases include rent, property taxes, insurance and maintenance costs.
The average lease term for office space typically ranges from 3 to 5 years, though longer or shorter terms might potentially be negotiated. Factors influencing lease rates include location, building class (A, B, or C), and prevailing market conditions.
Frequently Asked Questions about office leasing
- What is a typical office lease term? A standard office lease term usually ranges between 3 and 5 years.
- what does “SF” mean in real estate? “SF” stands for square feet, a common unit of measurement for property size.
- What is a Net Lease? A Net Lease requires tenants to cover property taxes and insurance in addition to rent.
- How does location impact office lease rates? Prime locations typically command higher lease rates due to greater demand.
- What is a commercial real estate broker? A broker assists tenants and landlords in negotiating lease terms.
Share your thoughts on this development in the comments below! We encourage a lively discussion on the future of the San Jose commercial real estate market.
