Milpitas Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $31.86 2023 Avg. Asking Rent
  • -2.66% Y-o-Y Avg. Asking Rent Change
  • 14.86% 2023 Office Vacancy Rate
  • $223.1M2023 Total Office Sales
  • $336.17Avg. Sale Price/SF

Milpitas office price per square foot in 2023 was $31.86 on average. This marked a -2.66% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.86% across all asset classes combined. The 7 transactions that closed here throughout 2023 amounted to a total sale volume of $223.1M. Milpitas office space commanded an average sale price per square foot of $336.17.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Milpitas, CA Office Asking Rents by Class

Office Spaces for Rent in California

Milpitas Office Sale Price per SF

  • $336.172023 Avg. Price per SF
  • 18.64%Y-o-Y Avg. PpSF Change
  • $223.1M2023 Office Sales Volume
  • 72023 Number of Transactions

Milpitas, CA Sale Price per SF Trend

  • Milpitas Avg. Sale Price per SF in 2023$336.17
  • California Avg. Sale Price per SF in 2023$256.51
Milpitas office space cost in 2023 marked a +18.64% change compared to the previous year. The sale price for office space in Milpitas averaged $336.17 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $256.51 per square foot.

2023 Office Sales Volume

  • Milpitas, CA Total Office Sales Volume in 2023 $223.1M
  • Milpitas, CA Total Number of Office Sales Closed in 2023 7
A total of 7 deals closed on the Milpitas office market in 2023, adding up to a yearly sales volume of $223.1M. Notably, the largest transaction on the market saw 1323 Great Mall Drive change hands for $21,500,000 on 7/6/2023.
Data provided by Commercial Edge

Coworking Spaces in California

Largest Office Properties Recently Completed in Milpitas
Office building Address SF Completed
Cisco Site 5.1 - 707 East Tasman Drive 707 East Tasman Drive, 95134 82,325 2001
Cisco Site 5.1 - 855 East Tasman Drive 855 East Tasman Drive, 95134 82,325 2001
Cisco Site 5.1 - 1020 McCarthy Blvd 1020 McCarthy Blvd, 95134 82,325 2001
Cisco Site 5.1 - 900 McCarty Blvd 900 McCarthy Blvd, 95134 82,325 2001
Cisco Site 5.1 - 870 Alder Drive 870 Alder Drive, 95134 82,325 2001
233-237 South Hillview Drive 233 South Hillview Drive, 95035 95,690 2000
McCarthy Center 400 North McCarthy Blvd, 95035 1,053,372 1999
61 Serra Way 61 Serra Way, 95035 16,740 1999
McCarthy Ranch Shopping Center 198-252 Ranch Drive, 95035 25,034 1995
Murphy Crossing 1001 Murphy Ranch Road, 95035 361,807 1994

Worth noting among recent office completions on the Milpitas market is Cisco Site 5.1 - 707 East Tasman Drive, which is currently the largest new office development in the city, at 82,325 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Milpitas commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.