Menu
San Mateo County office building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking Rent | |
|---|---|---|---|---|
| BURLINGAME – TOTAL | 8.9% | 12.1% | 3,461,103 | $4.37 |
| BURLINGAME – CLASS A | 5.6% | 6.3% | 1,268,142 | $8.00 |
| SAN MATEO – TOTAL | 17.9% | 19.4% | 8,556,919 | $5.99 |
| SAN MATEO – CLASS A | 14.4% | 16.2% | 5,126,827 | $7.60 |
| PALO ALTO – TOTAL | 16.9% | 23.2% | 8,173,897 | $8.77 |
| PALO ALTO – CLASS A | 19.7% | 24.7% | 4,737,297 | $9.48 |
| NORTH COUNTY | 10.3% | 12.7% | 8,123,174 | $4.58 |
| CENTRAL COUNTY | 17.6% | 20.3% | 19,691,849 | $6.47 |
| SOUTH COUNTY | 15.7% | 23.4% | 13,633,040 | $8.84 |
| TOTAL PENINSULA CLASS A | 15.2% | 20.7% | 24,691,545 | $8.24 |
| TOTAL PENINSULA MARKET | 15.3% | 19.8% | 41,448,063 | $7.00 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Cities included in this market include Daly City, Brisbane, South San Francisco, San Bruno, Millbrae, Burlingame, San Mateo, Foster City, Belmont, San Carlos, Redwood City, Redwood Shores, Menlo Park, Palo Alto, and East Palo Alto.
San Mateo County retail building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking NNN Rent | |
|---|---|---|---|---|
| North Bay | 3.37% | 5.06% | 27,980,368 | $25.55 |
| East Bay | 6.27% | 8.58% | 52,504,697 | $30.56 |
| West Bay | 5.26% | 5.92% | 12,809,448 | $45.79 |
| South Bay | 4.83% | 6.08% | 38,179,947 | $35.91 |
| Total Bay Area Retail Market | 5.14% | 6.85% | 131,474,460 | $32.75 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Some of the largest cities in San Mateo County by population include Daly City, San Mateo, Redwood City, South San Francisco, San Bruno, Pacifica, Menlo Park, Foster City, Burlingame, San Carlos, East Palo Alto, and Belmont.
San Mateo County hotel property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| UNITED STATES DATA | Total | Change From 2019 |
|---|---|---|
| Occupancy | 62.70% | -4.90% |
| ADR | $149.00 | 13.6% |
| RevPAR | $93.27 | 8.10% |
Analysis By WPA 2023
Data By STR, TE, February 3, 2023 (Published), As of December 31, 2022
2022 Year End Indicators
* Uneven, non-linear recovery across industry segments.
* Overall construction pipeline activity is down. Some December 2022 growth in construction is seen.
San Mateo County industrial building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking Rent Mfg | Average Asking Rent Whse" | |
|---|---|---|---|---|---|
| Daly City | 0.00% | 0.00% | 1,188,901 | $1.50 | $1.52 |
| Brisbane | 0.00% | 0.10% | 4,467,225 | $1.50 | $1.50 |
| South San Francisco | 3.00% | 5.30% | 15,477,097 | $1.50 | $1.53 |
| San Bruno | 0.00% | 2.70% | 316,342 | $1.68 | $1.69 |
| Millbrae | 0.00% | 0.00% | 134,682 | $1.68 | $1.77 |
| Burlingame | 2.50% | 3.80% | 4,045,800 | $1.85 | $1.69 |
| San Mateo | 2.50% | 2.80% | 605,606 | $1.92 | $1.80 |
| Belmont | 1.40% | 1.40% | 399,878 | $2.05 | $2.05 |
| San Carlos | 0.50% | 0.80% | 2,569,821 | $2.25 | $2.05 |
| Redwood City | 2.70% | 2.70% | 3,039,004 | $1.85 | $1.85 |
| Menlo Park | 0.90% | 1.60% | 1,799,398 | $2.25 | $2.03 |
| Palo Alto/East Palo Alto | 2.00% | 2.00% | 1,269,247 | $2.90 | $2.05 |
| Total Manufacturing | 3.20% | 3.40% | 5,785,280 | $2.00 | N/A |
| Total Warehouse | 1.80% | 3.30% | 29,527,721 | N/A | $1.57 |
| Total Industrial Market | 2.00% | 3.30% | 35,313,001 | $2.00 | $1.57 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Data included for the peninsula cities of: Daly City, Brisbane, South San Francisco, San Bruno, Millbrae, Burlingame, San Mateo, Belmont, San Carlos, Redwood City, Meno Park, Palo Alto, and East Palo Alto.
The County of San Mateo is bordered by Santa Cruz and Santa Clara counties to the south and east, the San Francisco Bay to the east, opposite Alameda and Contra Costa Counties, and is bordered to the north by the City and County of San Francisco. The largest city in San Mateo County is Daly City.
The San Mateo County market notched up total office vacancy and availabilities of 20.7% for Class A space (including both direct vacancy and sublease availabilities) in the first quarter of 2023, exceeding the level for all space classes in the market of 19.8%. Absorption was negative for the market was negative 857,198 square feet overall, of which negative 659,652 square feet were from Class A space occupancy losses.
Total vacancy and availabilities were greatest in the south county area at 23.4%, compared with 20.3% in the central county area and 12.7% in the north county area. In most sub-markets, total availabilities were greater in Class A space than the total space average. It is notable that Palo Alto comprises the preponderance of inventory in the South County market and reached vacancy and availability of almost 25% for Class A space. In the central county area, the largest sub-market is San Mateo, which experienced 19.4% in vacancy and availabilities, and the north county’s largest market of Burlingame the total vacancy and availabilities reached 12.1%.
Net absorption was most negative by square feet in the central county area, with negative 467,318 square feet, followed by the south county area with negative 261,593 square feet, and the north county area with negative 128,287 square feet.
The rising trends in subleasing contribute significantly to total availabilities. Office development in progress includes over 1,400,000 square feet, of which only 35% is pre-leased. Trends countywide are of rising vacancy and increasing negative absorption. Work from home trends, rising interest rates, and economic adjustments are showing their effects.
© All rights reserved
Director, Valuation Services
[email protected]