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6/07/22
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Gateway at Millbrae Station, a mixed-use, neighborhood center located at the steps of the Millbrae BART and Caltrain stations in the Bay Area, is nearing completion. The project, a development of Republic Urban Properties and Principal Real Estate Investors, features 157.7k sf of office space, 43.4k sf of retail space, 400 residential units and a 164 room Marriot by Residence Inn.
The project’s office and retail space are expected to be delivered during the second quarter of 2022. The office space features 50k sf floor plates—the largest on the Peninsula— plus spacious high ceilings, abundant lighting, private patio space and exceptional corporate branding visible on Highway 101. The retail and restaurant space is prime for distinctive dining, shopping and entertainment options, and includes a pedestrian-only paseo to feature outdoor dining.
Newmark’s Craig Kalinowski, Josh Rowell and Mark Courson are actively engaged in leasing the office portion of the project, while Newmark’s Sean O’Carroll and Josh Shumsky leading the retail leasing.
The Millbrae Transit Center is currently the only location on the Peninsula where BART and Caltrain connect, making it a strategic transit hub. Located approximately a quarter mile from San Francisco International Airport—the seventh busiest airport in the U.S. by passenger volume—it is a key location for office and retail development, as the area features strong daytime and residential population numbers and there is limited comparable product in the immediate vicinity. The transit-oriented location makes it easily accessible to the entire Bay Area.
The North Peninsula office market continues to witness a rebound in demand and market activity, according to Newmark Research. During the fourth quarter of 2021, the market recorded its third consecutive quarter of positive net absorption at 425.1k sf, supported by companies anticipating a return to the workplace post-pandemic. Net absorption for all of 2021 was recorded at 752.3k sf, the highest annual mark recorded in the last decade. Market-wide vacancy dropped to 10.1% during the fourth quarter, down from 11.5% in the previous quarter. The trend of decreasing vacancy is expected to continue as tenants continue to actively seek out high-quality Class A space and newer construction located in transit-oriented submarkets.
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