2022 Office Space Rent & Sales
- $34.55 2022 Avg. Asking Rent
- -0.52% Y-o-Y Avg. Asking Rent Change
- 13.64% 2022 Office Vacancy Rate
- $380.9M2022 Total Office Sales
- $470.42Avg. Sale Price/SF
Irvine office price per square foot in 2022 was $34.55 on average. This marked a -0.52% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.64% across all asset classes combined. The 13 transactions that closed here throughout 2022 amounted to a total sale volume of $380.9M. Irvine office space commanded an average sale price per square foot of $470.42.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Irvine Class A & A+ Office Space$35.70
- Irvine Class B Office Space$34.21
- California Class A & A+ Office Space$59.32
- California Class B Office Space$37.75
- California Class C Office Space$25.55
Irvine, CA Office Asking Rents by Class
2022 Office Vacancy Rates in Irvine
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Irvine | $36.64 | 9.94% |
University of California Irvine | $35.43 | 4.09% |
John Wayne Airport | $34.23 | 21.10% |
Irvine Spectrum | $33.62 | 9.61% |
Irvine Business Complex | $31.23 | 14.82% |
Laguna Woods | $29.69 | 17.59% |
Lake Forest | $29.39 | 24.65% |
Laguna Hills | $28.75 | 22.66% |
Irvine Office Sale Price per SF
- $470.422022 Avg. Price per SF
- 11.13%Y-o-Y Avg. PpSF Change
- $380.9M2022 Office Sales Volume
- 132022 Number of Transactions
Irvine, CA Sale Price per SF Trend
- Irvine Avg. Sale Price per SF in 2022$470.42
- California Avg. Sale Price per SF in 2022$396.51
2022 Office Sales Volume
- Irvine, CA Total Office Sales Volume in 2022 $380.9M
- Irvine, CA Total Number of Office Sales Closed in 2022 13
Largest Irvine Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Woodbridge Square Medical | 4980 Barranca Pkwy | 4/13/2022 | $27,575,000 |
Eureka Building | 1621 Alton Pkwy | 8/16/2022 | $20,775,000 |
9800 Muirlands Blvd | 9800 Muirlands Blvd | 5/20/2022 | $18,000,000 |
Parc - 7 Corporate Park, The | 7 Corporate Park | 2/18/2022 | $15,560,500 |
2955 Main Street | 2955 Main Street | 2/18/2022 | $14,850,000 |
Coworking Spaces in California
- Los Angeles Coworking Space
- San Francisco Coworking Space
- San Diego Coworking Space
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- Irvine Coworking Space
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- Murrieta Coworking Space
2022 Office Construction in Irvine, CA
- Irvine, CA Total SF completed in 2022 345,879
During 2022, 345,879 square feet of new office space were delivered across the market. At the close of 2022, the Irvine office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 345,879 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
Spectrum Terrace - 17800 Laguna Canyon Road | 17800 Laguna Canyon Road, 92603 | 115,293 | 2022 |
Spectrum Terrace - 17700 Laguna Canyon Road | 17700 Laguna Canyon Road, 92603 | 115,293 | 2022 |
Park Place | 2983 Michelson Dr., 92612 | 40,459 | 2021 |
Discovery Park - 525 Technology Drive | 525 Technology Drive, 92618 | 105,600 | 2019 |
Discovery Park - 505 Technology Drive | 505 Technology Drive, 92618 | 79,200 | 2019 |
The Boardwalk | 18691 Jamboree Road, 92612 | 547,300 | 2017 |
The Boardwalk | 18565 - 18575 Jamboree Rd., 92612 | 537,224 | 2017 |
400 Spectrum Center Dr. | 400 Spectrum Center Dr., 92618 | 466,696 | 2017 |
400 Spectrum Center | 400 Spectrum Center Drive, 92618 | 426,000 | 2017 |
Spectrum Center | 200 Spectrum Center Dr., 92618 | 425,044 | 2016 |
Worth noting among recent office completions on the Irvine market is Spectrum Terrace - 17800 Laguna Canyon Road, which is currently the largest new office development in the city, at 115,293 square feet.
See reports for other markets
- Los Angeles Office Rent Price
- San Diego Office Rent Price
- San Francisco Office Rent Price
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- Sunnyvale Office Rent Price
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- Torrance Office Rent Price
- Anaheim Office Rent Price
- Costa Mesa Office Rent Price
- Orange Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market 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.