PALO ALTO, CA—Office rents in Palo Alto have increased significantly since 2010, and have held steady for most of the past year, but as the end of the year approaches, class B rents are nearly level with class A. This news comes from the December 15 “chart-of-the-week” infographic from JLL, a data service the firm provides to customers and associates.
According to JLL, overall rents have grown by a significant 49% since the start of 2010. But rents for class B properties have skyrocketed, showing a 114.4% increase. JLL describes this as a “blurring of the lines” between classes, and that a similar thing took place during the dot.com boom. The firm als notes that Research Park/Cal Avenue is the current Palo Alto hotspot.
Asking rents for both classes have been over $7 per square-foot all year long, and spiked a bit in quarter 3, which is when the overall rate surpassed class A.
Click here to see JLL's infographic.
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