The typical asking rate per listing is in the $60's per square foot per year. The Pruneyard submarket is seeing a decline in rates. In the last 3 months, the median rate fell $6 per sqft per year. That's a 9% decline in rent.
Compared to the rest of the Silicon Valley market, the Pruneyard region has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 2 listings have been posted online, which means listings might be going fast. You'll want to be prepared to tour spaces as quick as possible. About 100% of the office spaces in the Pruneyard are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 9,480 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are around 17 floors. Most buildings in this region were built in 1974 and are Class A.
Wholesale trade is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst Pruneyard residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.