Commercial Real Estate Market in Milpitas, CA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
103 active listings and 939 off-market properties in Milpitas, CA. Commercial property asks $393/SF to buy and $9.60/SF/Yr to lease.
Market Trends
Milpitas, CA spans 22.4 square miles in Santa Clara County, California. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Milpitas, CA runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Milpitas, CA runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Milpitas, 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 Milpitas, CA asks $719/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 48%
- Industrial 19.7%
- Open space 14.6%
- Mixed use 7.2%
- Commercial 5.2%
- Civic 4.5%
- Agricultural 0%
Largest Zones share of zoned land by district
Single Family Residential Lot Area Minimum 6000 Square Feet
Single Family Residential And Hillside
Park And Open Space
Heavy Industrial
Business Park Research And Development
Milpitas, CA zones 7,012 acres across 43 districts. Commercial zoning covers 5.2% of zoned land, residential 48%, open space 14.6% and industrial 19.7%. The largest single district is Single Family Residential Lot Area Minimum 6000 Square Feet at 19.4%. For commercial buyers the practical constraint is that only 24.9% of land carries a commercial or industrial designation.
Park And Open Space (POS)
POS Park and Open Space Zone Permanent Open Space (POS) Overlay Zones FC Freeway Corridor Overlay Zone n/a S Site and Architectural Overlay Zone n/a “H” “H” Hillside Combining District Hillside Very Low Density (HVL), Hillside Low Density (HLD), Hillside Medium Density (HMD) B.2.030 Category Includes All Aspects of the Zone Whenever the terms “residential zo…
Market overview
Demographics & Economy
Milpitas, CA has 80,440 residents in 25,851 households. Density runs 3,586 people per square mile. Median household income here is $176,723 and median gross rent $3,110 a month.
80,440
Population
25,851
Households
3.1
Avg Household Size
37
Median Age
59%
College-Educated
90%
High-School Grad
22.4 sq mi
ZIP Area
3,586
Density / Sq Mi
$176,723
Median Household Income
$81,070
Median Earnings
$3,110
Median Rent
$1,180,700
Median Home Value
Tools
Frequently Asked Questions
What is the average price per square foot for commercial property in Milpitas?
Commercial property in Milpitas, CA asks an average of $393 per square foot. The 7 most recent recorded sales traded at a median of $390/SF, so asking sits 1% above the achieved median. Multifamily carries the highest asking price at $719/SF.
How much does it cost to lease commercial space in Milpitas?
Asking lease rates in Milpitas, CA average $9.60 per square foot per year.
What zoning applies to commercial property in Milpitas?
Milpitas, CA zones 7,012 acres across 43 districts, of which 5.2% is commercial and 19.7% industrial. The largest single district is Single Family Residential Lot Area Minimum 6000 Square Feet at 19.4% of zoned land. Residential zoning covers 48% and open space 14.6%.
Where does Realmo's Milpitas market data come from?
Realmo compiles Milpitas, CA figures from 7 recent recorded sales, 24 active sale listings, 79 active lease listings, 939 tracked off-market properties, the current Milpitas zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 24 active for-sale and 79 active for-lease listings in Milpitas, 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: 7,012 zoned acres across 43 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 · How Realmo checks market page data · Report a data issue
