The Martin Group’s 28,000 SQFT Arbello Office Project Nears Q4 Delivery in Downtown San Mateo
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in August 2026: $17B across 70 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
The Martin Group is preparing to deliver Arbello, a 28,100-square-foot speculative office building in Downtown San Mateo, one of only two projects that make up the entire office construction pipeline on the San Franci…
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