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Google’s growth in Moffett Park sets the stage for future demand

  • ​Over the past 5 years, the internet giant has rapidly grown in the Moffett Park area of Sunnyvale.  The largest lease was signed in 2014 when Google preleased 2.0 MSF of proposed Class A office at Moffett Place. The last phase of the project was completed in Q3 2017, accounting for nearly 80 percent of the submarket’s 2017 YTD occupancy gains.
  • It was widely speculated that CBREI was buying property on behalf of Google. In Q3 2017, over 2.7 MSF of commercial property was officially transferred to Google, bringing their total Moffett Park real estate portfolio to 4.1 MSF, which is equivalent to 50% of the total commercial inventory in Moffett Park.
  • Many of the buildings that were acquired had leases in place to other tenants. The ownership transfer will generate over 1.2 MSF of tenant displacement as Google begins to occupy space, creating overspill activity toward Santa Clara and North San Jose.   ​

Source: JLL Research​

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