720-740 S Milpitas Boulevard — Lease in Milpitas, CA

  • Price: Contact for price
  • Listing type: For lease
  • Asset type: Office
  • Location: Milpitas, CA 95035
  • Size: 25,333 SF

Description

Conveniently situated at the heart of Milpitas, the area surrounding the property provides an advantageous mix of amenities and resources for Industrial/Flex Space tenants. With easy access to major transportation routes such as Interstates 680 and 880, the location offers seamless connectivity for supply chain operations. Nearby, the bustling Milpitas Square and Great Mall provide an array of retail and dining options, accommodating the needs of employees and customers. Additionally, the serene surroundings of the Ed R. Levin County Park and the Milpitas foothills offer a refreshing escape for outdoor activities. This unique blend of urban access and natural beauty makes the location an attractive choice for industrial and flex space businesses.

Market Context

This office in Milpitas, CA is listed for lease across 25,333 SF. It has been on the market for 53 days. Compare it against other office listings for lease in Milpitas, CA — view the full market.

As of Q1 2026, the Silicon Valley office market showed a 2.9% vacancy rate, average asking rents near $20.16/SF/yr, rents up 4.3% year over year, and cap rates around 6.2%. Source: multiple brokerage reports, Q1 2026.

Rising rents point to a competitive market where well-priced, well-located space leases quickly.

Office market FAQ

What is the typical cap rate for office in Silicon Valley?
About 6.2% as of Q1 2026, per multiple brokerage reports.
Is the Silicon Valley office market tightening or softening?
Vacancy is around 2.9%, with asking rents rising year over year (Q1 2026).

Estimated Market Rate

$1.04/SF/mo – $1.40/SF/mo

Mid: $1.22/SF/mo

Estimated total for 25,333 SF: $30,906 per month

Rate estimator only; cost-of-business estimate unavailable.

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