*EFFECT OF SRI PLAN OF 1,000,000 SQUARE FEET OF OFFICE SPACE*
The Regional Housing Needs Allocation (RHNA) is based on office space and
employment numbers. An estimated *2,800 employees at 350sqft *per employee
for each office would be needed for the estimated 1,000,000 square feet of
office space.
According to today’s Google AI search current key figures for the Menlo
Park office market include:
- *Total inventory*: Nearly 10 million square feet.
- *Class A space*: Makes up about 57% of the total market.
- *New construction*: An estimated 268,000 square feet of new office
space is expected to be added throughout 2025.
- *Vacancy rate*: In 2024, the overall office vacancy rate was 27.12%. Some
reports show different vacancy rates for specific submarkets or classes of
office space.
Based on the LANE PARTNER’S current proposal for the SRI site it will
*increase* the City of Menlo Park’s housing obligation without contributing
nearly enough to the housing crisis.
