PALO ALTO, CA—Office rents in Palo Alto have increasedsignificantly since 2010, and have held steady for most of the pastyear, but as the end of the year approaches, class Brents are nearly level with class A. Thisnews comes from the December 15 “chart-of-the-week” infographic fromJLL, a data service the firm provides to customersand associates.
According to JLL, overall rents have grown by a significant49% since the start of 2010. But rents for class Bproperties have skyrocketed, showing a 114.4%increase. JLL describes this as a “blurring of the lines” betweenclasses, and that a similar thing took place during the dot.comboom. The firm als notes that Research Park/CalAvenue is the current Palo Alto hotspot.
Asking rents for both classes have been over $7 persquare-foot all year long, and spiked a bit in quarter 3,which is when the overall rate surpassed class A.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
