Irvine Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $34.49 2020 Avg. Asking Rent
  • 10.61% 2020 Office Vacancy Rate
  • $471.2M2020 Total Office Sales
  • $469.94Avg. Sale Price/SF

Irvine office price per square foot in 2020 was $34.49 on average. The local office market recorded an average vacancy rate of 10.61% across all asset classes combined. The 6 transactions that closed here throughout 2020 amounted to a total sale volume of $471.2M. Irvine office space commanded an average sale price per square foot of $469.94.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Irvine Class A Office Space$35.79
  • Irvine Class B Office Space$33.78
  • California Class A Office Space$55.92
  • California Class B Office Space$35.12
  • California Class C Office Space$23.50

Irvine, CA Office Asking Rents by Class

2020 Office Vacancy Rates in Irvine

Submarket Asking Rents Vacancy Rates
Irvine Spectrum $35.74 9.05%
John Wayne Airport $35.38 12.63%
University of California Irvine $34.22 9.90%
Irvine Business Complex $32.66 12.07%
Irvine $32.60 5.14%
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 10.61% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Irvine was 5.14% in the Irvine submarket, while the highest office vacancy in the market was 12.63%, recorded in John Wayne Airport.

Office Spaces for Rent in California

Irvine Office Sale Price per SF

  • $469.942020 Avg. Price per SF
  • $471.2M2020 Office Sales Volume
  • 62020 Number of Transactions

Irvine, CA Sale Price per SF Trend

  • Irvine Avg. Sale Price per SF in 2020$469.94
  • California Avg. Sale Price per SF in 2020$432.41
The sale price for office space in Irvine averaged $469.94 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $432.41 per square foot.

2020 Office Sales Volume

  • Irvine, CA Total Office Sales Volume in 2020 $471.2M
  • Irvine, CA Total Number of Office Sales Closed in 2020 6
A total of 6 deals closed on the Irvine office market in 2020, adding up to a yearly sales volume of $471.2M. Notably, the largest transaction on the market saw Five Point Gateway - 15101 & 15191 Alton Pkwy change hands for $355,000,000 on 8/13/2020.

Largest Irvine Office Sales in 2020

Property name Address Date Price
Five Point Gateway - 15101 & 15191 Alton Pkwy 15101 Alton Pkwy 8/13/2020 $355,000,000
Pacifica Court 114 Pacifica 9/3/2020 $43,000,000
111 Pacifica 111 Pacifica 7/31/2020 $26,150,000
Von Karman Tech Center 16842 Von Karman Avenue 1/17/2020 $25,400,000
Koll Airport Professional Center 17838 Fitch 10/16/2020 $13,333,500
Data provided by Commercial Edge

2020 Office Construction in Irvine, CA

  • Irvine, CA Total SF completed in 2020 69,968
  • Irvine, CA Total SF under construction in 2021 512,653

During 2020, 69,968 square feet of new office space were delivered across the market. At the close of 2020, the Irvine office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 69,968 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 512,653 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Irvine
Office building Address SF Completed
1472 Alton Pkwy 1472 Alton Pkwy, 92614 479,000 2022
Spectrum Terrace - 17900 Laguna Canyon Road 17900 Laguna Canyon Road, 92603 115,290 2022
Spectrum Terrace - 17800 Laguna Canyon Road 17800 Laguna Canyon Road, 92603 115,290 2022
Spectrum Terrace - 17700 Laguna Canyon Road 17700 Laguna Canyon Road, 92603 115,290 2022
Susan & Henry Samueli College of Health Sciences SWC Bison Avenue & Health Science Road, 92617 108,200 2022
Susan Samueli Integrative Health Institute SWC Bison Avenue & Health Science Road, 92617 77,028 2022
Spectrum Terrace - 17400 Laguna Canyon Road 17400 Laguna Canyon Road, 92603 114,603 2021
Innovation Office Park 150 Progress, 92618 293,179 2020
Park Place - 2722 Michelson Drive 2722 Michelson Drive, 92612 154,418 2019
Discovery Park - 525 Technology Drive 525 Technology Drive, 92618 105,600 2019

Worth noting among recent office completions on the Irvine market is 1472 Alton Pkwy, which is currently the largest new office development in the city, at 479,000 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.