SANTA CLARA, CA—San Francisco-based Drawbridge Realty recently renewed a single-tenant lease with NI, formerly National Instruments, at a building located at 4600 Patrick Henry Dr. According to market research, this is the third largest lease concluded in the Valley with Microchip (170,000 square feet) at 3850 N. First in San Jose and Olympus (80,000 square feet) at 2400 Ringwood in San Jose coming in at the number one and two spots of the later COVID era.

What does this short-term renewal say about the current market? Unlike some multi-tenant office markets, it's still possible to get deals done in this market, especially for R&D product when landlords such as Drawbridge are willing to provide flexibility to tenants.

"Today, almost everybody in business is navigating uncharted waters as a result of COVID-19 so we feel it is as important as ever to be flexible where we can so that our tenants can focus on their core businesses and continue to be successful," Bill Doyle, senior vice president of investments with Drawbridge Realty, tells GlobeSt.com. "Our company's emphasis on partnering closely with all our tenants as well as investing in properties that are strategically important to them has resulted in a 90%-plus renewal rate over our 20-year history."

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.