CMBS Weekly: One upsmanship or an arms race?

Research evidence excerpt

CMBS Weekly: One upsmanship or an arms race?

Chong Sin AC (1-212) 834-2611 Eli Khaim (1-212) 622-0388 North America Securitized J P M O R G A Nchong.c.sin@jpmorgan.com eli.khaim@jpmorgan.com Products Research

J.P. Morgan Securities LLC J.P. Morgan Securities LLC

Terrell Bobb (1-212) 834-5947 24 July 2026

terrell.bobb@jpmchase.com

J.P. Morgan Securities LLC

CMBS Weekly

One upsmanship or an arms race?

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• A few months ago, we highlighted the potential risk of Google Cloud’s departure from

its footprint at Moffett Place on the back of news that Google was moving its cloud unit

to its own Caribbean Drive Campus. This past week, there was positive news for the

complex with the Silicon Valley Business Journal reporting that Google is recommitting

to the campus, agreeing to lease 5 of the 6 buildings in the campus. In addition, the article

reported that Google will also lease 2 buildings at Moffett Gateway

• The Google office pivot is interesting, and the strong growth of its Cloud unit could be

driving the expansion in the area and may portend increased office demand in the vicini-

ty. The details of the lease terms may be revealing in this regard. Regardless, this is

undoubtedly a positive for, not only the Google-related CMBS exposures we had

flagged earlier, but also other buildings occupied by other tech companies in the larger

complex

• Portfolios have accounted for about 63% of SASB issuance since 2019, while single

assets have accounted for the remaining 37%. Unlike single-asset deals, portfolio deals