Irvine Office Rent Price & Sales Report

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%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Irvine market was 13.64% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Irvine was 4.09% in the University of California Irvine submarket, while the highest office vacancy in the market was 24.65%, recorded in Lake Forest.

Office Spaces for Rent in California

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
Irvine office space cost in 2022 marked a +11.13% change compared to the previous year. The sale price for office space in Irvine averaged $470.42 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $396.51 per square foot.

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
A total of 13 deals closed on the Irvine office market in 2022, adding up to a yearly sales volume of $380.9M. Notably, the largest transaction on the market saw Woodbridge Square Medical change hands for $27,575,000 on 4/13/2022.

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
Data provided by Commercial Edge

Coworking Spaces in California

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.

Largest Office Properties Recently Completed in Irvine
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.

Data provided by Commercial Edge

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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.