Bakersfield Office Rent Price & Sales Report

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

  • $152.882020 Avg. Price per SF
  • 0.95%Y-o-Y Avg. PpSF Change
  • $41.5M2020 Office Sales Volume
  • 42020 Number of Transactions

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
Bakersfield office space cost in 2020 marked a +0.95% change compared to the previous year. The sale price for office space in Bakersfield averaged $152.88 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

  • Bakersfield, CA Total Office Sales Volume in 2020 $41.5M
  • Bakersfield, CA Total Number of Office Sales Closed in 2020 4
A total of 4 deals closed on the Bakersfield office market in 2020, adding up to a yearly sales volume of $41.5M. Notably, the largest transaction on the market saw Cal Twin Towers change hands for $26,057,000 on 1/15/2020.

Largest Bakersfield Office Sales in 2020

Property name Address Date Price
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
Data provided by Commercial Edge

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.

Largest Office Properties Recently Completed in Bakersfield
Office building Address SF Completed
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.

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 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.