Commercial Real Estate Market in Millbrae, CA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
14 active listings and 372 off-market properties in Millbrae, CA. Commercial property asks $699/SF to buy and $41.02/SF/Yr to lease.
Market Trends
Millbrae, CA spans 3.4 square miles in San Mateo County, California. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Millbrae, CA asks $482/SF to buy. Vacancy runs 20.8% across the West region in 2025, up from 11% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Retail
Retail space in Millbrae, CA asks $538/SF to buy. Vacancy runs 5.8% across the West region in 2025, down from 7% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Industrial
Industrial vacancy in Millbrae, CA runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily space in Millbrae, CA asks $671/SF to buy. Vacancy runs 8.6% across the West region in 2025, up from 7% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 64.4%
- Open space 19.1%
- Mixed use 6.8%
- Civic 6.3%
- Industrial 1.7%
- Planned_development 1.6%
- Commercial 0.3%
Largest Zones share of zoned land by district
Single Family Residential
Open Space
Public Facilities
Millbrae Station Area Specific Plan
Duplex Or Triplex Residential
Millbrae, CA zones 2,054 acres across 14 districts. Commercial zoning covers 0.3% of zoned land, residential 64.4%, open space 19.1% and industrial 1.7%. The largest single district is Single Family Residential at 55.1%. For commercial buyers the practical constraint is that only 1.9% of land carries a commercial or industrial designation.
Single Family Residential (R-1)
R-1") district to create no more than two new parcels in an urban lot split as provided by Government Code Section 66411.7 and this section. The community development director will be responsible for determining whether an urban lot split meets the requirements for ministerial approval under this section. Within the time required by the Subdivision Map Act,…
Market overview
Demographics & Economy
Millbrae, CA has 23,212 residents in 8,566 households. Density runs 6,879 people per square mile. Median household income here is $157,567 and median gross rent $3,401 a month.
23,212
Population
8,566
Households
2.7
Avg Household Size
43
Median Age
50%
College-Educated
93%
High-School Grad
3.4 sq mi
ZIP Area
6,879
Density / Sq Mi
$157,567
Median Household Income
$74,128
Median Earnings
$3,401
Median Rent
$1,929,700
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Burlingame | — | $12.89 |
| San Bruno | — | — |
| San Mateo | — | $26.57 |
Commercial property in Millbrae, CA asks $699/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Millbrae?
Commercial property in Millbrae, CA asks an average of $699 per square foot. Multifamily carries the highest asking price at $671/SF.
How much does it cost to lease commercial space in Millbrae?
Asking lease rates in Millbrae, CA average $41.02 per square foot per year.
What zoning applies to commercial property in Millbrae?
Millbrae, CA zones 2,054 acres across 14 districts, of which 0.3% is commercial and 1.7% industrial. The largest single district is Single Family Residential at 55.1% of zoned land. R-1") district to create no more than two new parcels in an urban lot split as provided by Government Code Section 66411.7 and this section. The community development director will be responsible for determining whether an urban lot split meets the requirements for ministerial approval under this section. Within the time required by the Subdivision Map Act,… Residential zoning covers 64.4% and open space 19.1%.
Where does Realmo's Millbrae market data come from?
Realmo compiles Millbrae, CA figures from 3 recent recorded sales, 5 active sale listings, 9 active lease listings, 372 tracked off-market properties, the current Millbrae zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 5 active for-sale and 9 active for-lease listings in Millbrae, CA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 2,054 zoned acres across 14 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at West region level, retail vacancy is reported at West region level and industrial vacancy is reported at West region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
