Irvine Office Market Trends

Office Rental Market

  • $37.49 2019 Avg. Asking Rent
  • 8.30 % 2019 Avg. Vacancy Rate
  • 1,163,783 2019 Office Completions (Sqft)
  • 628,270 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Irvine was $37.49 per square foot, and the office vacancy rate across the market averaged 8.30 %. During 2019, developers added 1,163,783 square feet of new office space to the Irvine market inventory. Office developments estimated for delivery during 2020 total 628,270 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Irvine Class A Office Buildings$39.09
  • Irvine Class B Office Buildings$35.59
  • CA Class A Office Buildings$51.59
  • CA Class B Office Buildings$34.34
  • CA Class C Office Buildings$22.62

Irvine, CA Office Asking Rents by Class

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
University of California Irvine $43.03 4.93 %
Irvine $39.79 6.21 %
John Wayne Airport $38.93 8.56 %
Irvine Spectrum $36.49 5.90 %
Irvine Business Complex $34.33 8.03 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Irvine was 4.93 % in the University of California Irvine submarket, where asking rents averaged $43.03.
  • The highest office vacancy rate in 2019 in Irvine was 8.56 % in the John Wayne Airport submarket, where asking rents averaged $38.93.

OFFICE CONSTRUCTION IN Irvine, CA

  • Irvine, CA Total Sqft completed in 2019 1,163,783
  • Irvine, CA Total Sqft under construction in 2020 628,270
10 Largest Office Buildings in Irvine
Building name Address Total Sqft Year built
Market Place Center 200 Commerce, 92602 1,300,000 2001
Five Point Gateway - 15101 & 15191 Alton Pkwy 15101 Alton Pkwy, 92618 660,893 2017
The Boardwalk 18691 Jamboree Road, 92612 547,300 2017
The Michelson 3161 Michelson Drive, 92612 536,307 2007
Corporate Business Center 123 Technology Drive, 92618 506,805 1996
Century Centre 2601 Main Street, 92612 450,814 1986
400 Spectrum Center Drive 400 Spectrum Center Drive, 92618 427,551 2017
400 Spectrum Center 400 Spectrum Center Drive, 92628 426,000 2017
200 Spectrum Center 200 Spectrum Center Drive, 92618 416,930 2016
Lakeshore Towers I 18101 Von Karman Avenue, 92614 407,789 1991
Largest Office Properties Recently Completed in Irvine
Office building Address Sqft Completed
17011 Red Hill Avenue - Phase I 17011 Red Hill Avenue, 92614 245,300 2021
17111 Red Hill Avenue - Phase III 17111 Red Hill Avenue, 92614 168,300 2021
Spectrum Terrace - 17500 Laguna Canyon Road 17500 Laguna Canyon Road, 92603 114,875 2021
Spectrum Terrace - 17600 Laguna Canyon Road 17600 Laguna Canyon Road, 92603 114,875 2021
Spectrum Terrace - 17400 Laguna Canyon Road 17400 Laguna Canyon Road, 92603 114,603 2021
The Quad @ Discovery Park 500 Technology Drive, 92618 369,600 2019
Park Place - 2722 Michelson Drive 2722 Michelson Drive, 92612 155,000 2019
Spectrum Terrace - 17200 Laguna Canyon Road 17200 Laguna Canyon Road, 92603 116,261 2019
Spectrum Terrace - 17300 Laguna Canyon Road 17300 Laguna Canyon Road, 92603 116,261 2019
Spectrum Terrace - 17100 Laguna Canyon Road 17100 Laguna Canyon Road, 92603 116,261 2019
Data provided by Commercial Edge

Office Spaces for Rent in California

IRVINE OFFICE SALES TRENDS

  • $302.042019 Avg. Price per Sqft
  • -5.89 %Y-o-Y Avg. PpSF Change
  • $283.8M2019 Office Sales Volume
  • 82019 Number of Transactions

In 2019, office sales in Irvine averaged $302.04 per square foot. This marked a -5.89 % decrease in office price per square foot, compared to the previous year. A total of 8 office sales closed on the Irvine office market in 2019, amounting to a total sales volume of $283.8M.

Average Office Sale Price per Sqft

Irvine, CA Sales Trends

  • Irvine Price per Sqft$302.04
  • California Price per Sqft$437.86

Office Sales - Trend and Volume

  • Irvine, CA Total Office Sales Volume in 2019 $283.8M
  • Irvine, CA Total Number of Office Sales Closed in 2019 8

Largest Irvine Office Sales in 2019

Property name Address Date Price
2211 Michelson 2211 Michelson Drive 10/25/2019 $115,500,000
Irvine Concourse - 2040 Main Street 2040 Main Street 9/30/2019 $73,327,500
15750 Alton Pkwy 15750 Alton Pkwy 5/1/2019 $32,000,000
23 Pasteur 23 Pasteur 5/14/2019 $28,000,000
Corporate Park - 2 Corporate Park 2 Corporate Park 1/15/2019 $13,601,000
Data provided by Commercial Edge

See trends for nearby markets

The Irvine office market contains an inventory of 42,926,190 square feet of office space, in 723 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Irvine commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.