2020 Office Space Rent & Sales
- $25.43 2020 Avg. Asking Rent
- 0.88% Y-o-Y Avg. Asking Rent Change
- 7.23% 2020 Office Vacancy Rate
- $41.5M2020 Total Office Sales
- $152.88Avg. Sale Price/SF
Bakersfield office price per square foot in 2020 was $25.43 on average. This marked a +0.88% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 7.23% across all asset classes combined. The 4 transactions that closed here throughout 2020 amounted to a total sale volume of $41.5M. Bakersfield office space commanded an average sale price per square foot of $152.88.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Bakersfield Class A Office Space$28.22
- Bakersfield Class B Office Space$25.26
- Bakersfield Class C Office Space$22.49
- California Class A Office Space$55.92
- California Class B Office Space$35.12
- California Class C Office Space$23.50
Bakersfield, CA Office Asking Rents by Class
Average office rent in Bakersfield rested at $25.43 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Bakersfield averaged $28.22 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.26 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.49 per square foot, on average. Comparably, statewide California average office rents by class in 2020 were: $55.92 per square foot for class A office space; $35.12 per square foot for class B office space; $23.50 per square foot for class C office space.
Bakersfield Office Sale Price per SF
Bakersfield, CA Sale Price per SF Trend
- Bakersfield Avg. Sale Price per SF in 2020$152.88
- California Avg. Sale Price per SF in 2020$432.41
2020 Office Sales Volume
- Bakersfield, CA Total Office Sales Volume in 2020 $41.5M
- Bakersfield, CA Total Number of Office Sales Closed in 2020 4
Largest Bakersfield Office Sales in 2020
|Cal Twin Towers||4900 California Avenue||1/15/2020||$26,057,000|
|5201 Truxtun Avenue||5201 Truxtun Avenue||10/23/2020||$8,625,000|
|5329 Office Center Court||5329 Office Center Court||3/5/2020||$2,746,000|
|4560 California Avenue||4560 California Avenue||3/17/2020||$2,500,000|
2020 Office Construction in Bakersfield, CA
- Bakersfield, CA Total SF completed in 2020
- Bakersfield, CA Total SF under construction in 2021 62,000
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Bakersfield office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 62,000 square feet of office space to the market, before year-end.
|Valley Children's Healthcare - Eagle Oaks Specialty Care Center||12500 Stockdale Hwy, 93314||52,000||2018|
|212 Coffee Road||212 Coffee Road, 93309||38,574||2018|
|6515 Woodmere Drive||6515 Woodmere Drive, 93313||28,587||2017|
|Crown Pointe Business Center - Building 1700||8307 Brimhall Road, 93312||27,000||2016|
|3655 Unicorn Road||3655 Unicorn Road, 93308||25,600||2016|
|Rio Bravo Medical Campus - Phase I||4500 Morning Drive, 93306||65,000||2015|
|11117 River Run Blvd||11117 River Run Blvd, 93311||55,586||2015|
|Seven Oaks Business Park - 11601 Bolthouse Drive||11601 Bolthouse Drive, 93311||27,200||2015|
|Seven Oaks Business Park - 11500 Bolthouse Drive||11500 Bolthouse Drive, 93311||60,000||2014|
|2620 & 2700 Chester Avenue||2620 Chester Avenue, 93301||118,934||2013|
Worth noting among recent office completions on the Bakersfield market is Valley Children's Healthcare - Eagle Oaks Specialty Care Center, which is currently the largest new office development in the city, at 52,000 square feet.
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 Bakersfield 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.