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Savills Studley Report Silicon Valley Office Sector Q4 2018

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Savills Studley Report Silicon Valley Office Sector Q4 2018 Savills Studley Research Silicon Valley Savills Studley Report Silicon Valley office sector Q4 2018 SUMMARY Market Highlights LEASING COOLS “Silicon Valley ended 2018 with another round Deal volume fell below 2.0 million square LITTLE CHANGE IN RENT of aggressive big-block takedowns. As the feet (msf) for the first time in several Overall asking rent spiked by 3.7% to availability of larger blocks of space dwindles quarters, totaling 1.9 msf. Tenants have $51.40 ($4.28) in the fourth quarter. Class A leased 8.2 msf in the four most recent rent rose by 5.2% to $54.39 ($4.53) during further, companies are pushing into areas quarters. the quarter. such as North San Jose and Downtown San AVAILABILITY INCREASES Jose. As a result of space shortages, even The Valley’s overall availability rate rose by SALES DROP 20 basis points, increasing to 14.4%. The mid-sized companies are facing rental rate availability rate in Class A buildings jumped Office property sales during the first eleven growth. Additionally in Menlo Park, Palo Alto to 17.8%. months of 2018 totaled $4.1 billion, a 12.2% decrease compared to the same period and Sunnyvale/Cupertino, startups are being during 2017. squeezed out of the market.” Nate Currie, Corporate Managing Director Savills Studley Report | Silicon Valley Sublease Space on the Rise, Office-Using Employment Trends Competition for New Space Remains Brisk Millions Leasing is not slowing down in Silicon Valley. 0.35 8% Momentum remains strong. 0.30 Top tech companies continue to make 4% aggressive moves for space – both 0.25 through leases and purchases – across the South Bay. During the final months of the 0% 0.20 year, several additional 100,000-sf-plus transactions were completed. As of mid- 0.15 -4% December, 22 leases over 100,000 sf had 0.10 2009 been signed during 2018. -8% 0.05 The surge in blockbuster leases parallels a 2010 2012 2011 2013 2014 2015 2016 2017 2018 burst of massive venture capital fundings 0.00 -12% SVAL.Office Emp. SVAL. (% Annual Change) U.S. (% Annual Change) in the past year. According to the latest Source: Bureau of Labor Statistics^ Moneytree Report from PwC and CB Insights, U.S. companies hit a record for $100M+ funding rounds with 184. The Vacant Availability Rate Trends number of rounds fell for the second straight (%) Availability Rate Trends year, dropping to 5,536, but the total funds raised surged to $99.5 billion, the most 20% 17.8% since 2000. Silicon Valley tallied $5.27 billion during the fourth quarter of 2018, second 17.8% only to $6.75 billion in San Francisco. 15% SoftBank remains a market leader in funding. It has led financings of $100 million 12.4% or more for 16 U.S. firms in 2018. Late 10% 10.9% in the year, though, the Japanese private equity firm finally showed some limits. Backers of Softbank backed away from a 5% proposed $16-billion investment in WeWork Companies. Still, SoftBank's Vision Fund has already committed nearly $8.0 billion Class A Class B & C to WeWork. Other SoftBank investments 0% include $385 million in subscription car Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 service Fair. The company buys used cars from dealers and then offers cars to drivers for a subscription fee. Fair has a partnership Asking Rent Trends with Uber. Softbank is Uber Technologies ($/sf) Rental Rate Trends largest investor; they paid $8.0 billion for a 15% stake earlier this year. $5.00 $4.53 $4.50 Tech Giants And Venture Capital Keep The Momentum Rolling $4.00 $4.07 Silicon Valley tech giants kept leasing $3.50 $3.30 activity well above historical norms during 2018. This continued a stretch of fierce $3.00 competition for new product that started more than two years ago. Google has been $2.50 $2.64 the tenant of first resort for most of the last $2.00 several years, leasing or acquiring several million square feet of current and proposed $1.50 development. More recently, Facebook Class A Class B & C has set the tone. The social media giant $1.00 commited to the entirety of WeWork's center Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 in Mountain View, taking 450,000 sf at The 02 Q4 2018 Village at San Antonio Center. Earlier this year, Facebook grabbed three buildings Availability Rate Comparison Rental Rate Comparison totaling just over 1.0 msf at Moffett Tower Menlo Park (San Mateo South) $85.83 II. The buildings are scheduled to deliver in Morgan Hill/Gilroy 0.8% Mountain View/Los Altos $73.39 early 2019. Menlo Park (San Mateo South) 6.0% Palo Alto $72.84 Sunnyvale/Cupertino 7.3% Facebook also pushed into areas that Sunnyvale/Cupertino $71.99 had previously been bypassed by most Fremont (880 Corridor) 7.3% South San Jose $51.55 firms. It snared a 14-building, 750,000-sf Palo Alto 9.2% Silicon Valley $51.40 complex in Fremont. The location, owned Milpitas 10.6% by Peery Arrillaga, is bounded by Kaiser Campbell/Los Gatos $48.17 Mountain View/Los Altos 11.4% Drive, Campus Drive and Dumbarton Downtown San Jose $46.00 Circle. Finally, life science firms hoping South San Jose 13.1% North San Jose $44.18 to take space at Kylli's Burlingame Point Silicon Valley 14.4% Santa Clara $43.79 development will have to look elsewhere. Downtown San Jose 14.8% Facebook swooped in to take the 767,000- US Index $34.69 US Index 17.9% sf complex on the San Francisco Bay. Fremont (880 Corridor) $33.20 The facility will house Facebook's Oculus Santa Clara 20.5% Morgan Hill/Gilroy $29.51 division. Campbell/Los Gatos 21.4% Milpitas North San Jose 23.0% $28.82 Bidding Wars 0% 5% 10% 15% 20% 25% $0 $20 $40 $60 $80 $100 Facebook's activity has spurred a heightened sense of urgency among other Major Transactions expanding firms. In the second quarter, Micron Technology took an entire three- Tenant Sq Feet Address Market Area building campus in North San Jose totaling Splunk, Inc. 285,654 700 Santana Row South San Jose 541,000 sf at 110-130 Holger Way. Several Singularity University 149,999 2831 Mission College Blvd Santa Clara significant leases were signed in the second Proofpoint Inc. 121,200 625 N Mary Ave Sunnyvale/Cupertino half of the year. Splunk committed to Micro Focus 112,605 4555 Great America Pky Santa Clara 285,654 sf at 700 Santana Row. Scheduled Paladin Max, Inc 99,156 2479 E Bayshore Rd Palo Alto to deliver in 2019 the 319,000-sf LEED Silver Nutanix 80,489 25 Metro Dr North San Jose building will feature ground level retail and a Amazon 75,378 20400 Stevens Creek Blvd Sunnyvale/Cupertino 1,300 space parking garage. In Sunnyvale, Zoom VIdeo 62,000 55 Almaden Blvd Downtown San Jose cybersecurity and compliance company Eva Automation Inc. 34,464 1020 Marsh Rd Menlo Park (San Mateo South) Proofpoint Inc signed a 121,200-sf lease at Niantic, Inc 12,825 100 Mathilda Pl Sunnyvale/Cupertino the Pathline Park complex. Proofpoint will Sum of Leases 1,033,770 join Snyopysys at the 50.4-acre campus located within Peery Park. Developer Irvine Coworking Proliferation Continues a tenant perspective, it is important to Company is demolishing 28 circa-1970s understand the economics of leasing space office and industrial buildings in the park, to Some of the sublet space may also go in a coworking center. Based on a careful make way for a five-phase development. unfilled as more small and mid-sized analysis, tenants can calculate whether firms opt for coworking space. Coworking it would be more cost effective for the These larger leases, and the wave of earlier providers continue to grow, giving smaller company to lease its own space. activity from Google and Facebook, caused firms another option to consider. As midsize company displacements across the demand for co-working space solutions region, forcing more market relocations than increases, competition between coworking would otherwise be expected. The market vendors and traditional space models is has been exposed to a bidding environment intensifying. Although coworking spaces for years, as demand has pushed space provide flexibility with short term leases and requirements into other areas. full staff support in the market, the cost per square foot is breathtaking. Silicon Valley is accustomed to high sublease occupancy and low vacancy At a quick glance these coworking spaces durations but for the first time in years provide additional inventory and flexibility we are seeing a spike in quality sublease of leases. For the time being at least, the vacancies. Silicon Valley had a total of 4.0 appeal of these flexible space options is msf of sublet space available at the end of very high – particulary in a very tight and 2018, up from 3.9 msf a year ago. Quality challenging market. Many landlords are sublet spaces have also been lingering on also jumping into this space which is not the market for a longer period. a very high-barrier to entry market. From savills-studley.com/research 03 Savills Studley Report | Silicon Valley Leasing Available Availability Asking Rents Map Submarket Total Activity SF Rate Per SF % pp % SF Last This Change Year This Change Year This Change Year (1000's) 12 Months Quarter from Ago Quarter from Ago Quarter from Ago Last Qtr. Last Qtr. (1) Last Qtr.
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