Peninsula Offers Pipeline Space OptionsBy
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Lico says tenants are looking for leases with shorter terms.
SAN MATEO, CA—Developers on the Peninsula that started projects in 2013 or 2014 are reaping the rewards of what seemed to be a risky move at the time. Wilson Meany is about a year into construction on Station 4, the first of five buildings at Bay Meadows Station.SurveyMonkey, currently located in Palo Alto, CA, committed to 210,000 square feet at the property, more than quadrupling its space. The developer is also breaking ground on a second building in the complex.
The entire Bay Area region–encompassing San Francisco, the East Bay, the North Bay, the Peninsula and Silicon Valley–has more than 15 million square feet under construction. The Peninsula accounts for a fraction of this total–only 2 million square feet–but all of the submarket’s 13 buildings are delivering by 2017. Other than Salesforce Tower, most of the big projects with available space in the Bay Area will not deliver until after 2017…
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