CBRE, a leading real estate services firm, has taken on the task of marketing and leasing the upcoming Edenvale Industrial Park, a milestone industrial undertaking by Hines, a preeminent global real estate investment manager. This project is launching the construction of a 636,000-square-foot Class A industrial park in the bustling heart of Silicon Valley, San Jose, with a completion date targeted for June 2025. Revealed by CBRE, this marks the largest of its kind and is currently under development in Santa Clara County.
According to CBRE executive vice president Brian Matteoni, as cited by CBRE, "Leasing activity and demand for best-in-class industrial space continues to be strong in Silicon Valley due to the explosive organic growth of data server, artificial intelligence, cloud computing and smart automobile solutions." Matteoni notes the anticipation of the Edenvale Industrial Park to sufficiently meet such demand in a region where industrial vacancy rates are amongst the lowest in the western U.S. The project, to be marketed and leased by CBRE's Chip Sutherland and Brian Matteoni, is strategically just off Highway 101, promising high visibility and accessibility to the burgeoning tech and manufacturing companies flourishing in the valley.
Each of the three buildings comprising the Edenvale Industrial Park is set to feature high ceilings, advanced dock loading systems, LED warehouse lighting, and robust power supplies adequately tailored to the needs of modern, tech-savvy occupants. In addition to its groundbreaking size and amenities, Hines intends to seek LEED™ certification from the U.S. Green Building Council for the project, fortifying its commitment to sustainability and energy efficiency.
As reported by CBRE Research, the demand for Class A industrial spaces of 50,000 square feet or larger appears to intensely outstrip supply within Silicon Valley, a hub for high-tech manufacturing, automotive innovation, robotics, and automation. This park alone accounts for over half of the approximately 1.2 million square feet under construction in Q1 2024, representing merely 1% of the total market supply. Hines managing director Sam Cheikh conveyed the expectations for the park to capture growth among tenants seeking top-tier industrial spaces "in a market" known for housing a concentration of state-of-the-art manufacturing, medical, and technology companies.
