Job upraise in the region is felt throughout the San Mateo’s office market with the growing tenant demand. Yet, its tendencies are shaped by tech companies in the main part. The latter are booming, and therefore, can afford leasing larger offices and small premises as well. Apart from that, it is quite convenient for them to commute to and from San Francisco, which is nearby. Oftentimes, tech giants pre-lease the space they don’t currently need, as they project expansion for the upcoming quarters and secure area to locate the future associates. If to judge by their trophies, large ventures are after the amenities-rich and digitalized offices in San Mateo. An app to control office parameters, like climate or heating, and an online booking program are top priorities for them, so landlords might consider installing these options on their premises. Meanwhile, the projects under construction are 85% pre-leased, which confirms that the demand for San Mateo’s office space is on the rise. The latter organically leads to the emerging of the enlarged sub-lease market with discounted rates and more flexible terms. The landlords in the city are also supplying the market with the needs-tailored premises. They take the old and unused venues, elaborate design in accordance with the tenants’ requests, and commit to finishing it in 30-90 days. Though often these contracts are pricey due to the improvements made to the property, they are incredibly efficient in terms of space use and fitting into tenants’ needs profile. Alternatively, these options regenerate the market of office space for rent in San Mateo and supply it with some extra options that are affordable for the small users and personal entrepreneurs.
