Office Rental Market
- $30.77 2019 Avg. Asking Rent
- 12.61 % 2019 Avg. Vacancy Rate
- 550,732 2019 Office Completions (Sqft)
- 102,848 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Long Beach Class A Office Buildings$34.66
- Long Beach Class B Office Buildings$27.71
- CA Class A Office Buildings$51.59
- CA Class B Office Buildings$34.34
- CA Class C Office Buildings$22.62
Long Beach, CA Office Asking Rents by Class
2019 OFFICE VACANCY RATES
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Carson | $33.98 | 3.82 % |
| Long Beach - Downtown | $29.65 | 13.83 % |
| Long Beach | $28.45 | 8.96 % |
- The lowest office vacancy rate in 2019 in Long Beach was 3.82 % in the Carson submarket, where asking rents averaged $33.98.
- The highest office vacancy rate in 2019 in Long Beach was 13.83 % in the Long Beach - Downtown submarket, where asking rents averaged $29.65.
OFFICE CONSTRUCTION IN Long Beach, CA
- Long Beach, CA Total Sqft completed in 2019 550,732
- Long Beach, CA Total Sqft under construction in 2020 102,848
| Building name | Address | Total Sqft | Year built |
|---|---|---|---|
| One World Trade Center | 1 World Trade Center, 90802 | 584,511 | 1989 |
| Freeway Business Center - 1500 Hughes Way | 1500 Hughes Way, 90810 | 490,055 | 1981 |
| Freeway Business Center | 1500 Hughes Way, 90810 | 490,055 | 1982 |
| Landmark Square | 111 West Ocean Blvd, 90802 | 462,183 | 1990 |
| Shoreline Square | 301 East Ocean Blvd, 90802 | 383,652 | 1987 |
| Douglas Center - 4000 North Lakewood Blvd | 4000 North Lakewood Blvd, 90808 | 298,634 | 1989 |
| Civic Center - City Hall | 401 West Ocean Blvd, 90802 | 268,800 | 2019 |
| Civic Center - Port Authority Headquarters | 415 West Ocean Blvd, 90802 | 232,100 | 2019 |
| Oceangate Tower | 100 Oceangate, 90802 | 230,782 | 1972 |
| Molina Center - 300 Oceangate | 300 Oceangate, 90802 | 229,818 | 1983 |
| Office building | Address | Sqft | Completed |
|---|---|---|---|
| Civic Center - City Hall | 401 West Ocean Blvd, 90802 | 268,800 | 2019 |
| Civic Center - Port Authority Headquarters | 415 West Ocean Blvd, 90802 | 232,100 | 2019 |
| Terminal at Douglas Park - Buildings 3 & 4 | 4225 East Conant Street, 90806 | 49,832 | 2019 |
| Terminal at Douglas Park - Buildings 1 & 2 | 3738 Bayer Avenue, 90808 | 50,598 | 2017 |
| 4130 Cover Street | 4130 Cover Street, 90808 | 40,376 | 2017 |
| Douglas Park Medical Office II | 3828 Schaufele Avenue, 90808 | 52,000 | 2015 |
| Douglas Park Medical Office I | 3833 Worsham Avenue, 90808 | 38,000 | 2015 |
| Metro Ports | 3806 Worsham Avenue, 90808 | 37,750 | 2015 |
| 650 Pine Avenue | 650 Pine Avenue, 90802 | 127,000 | 2014 |
| Pier G West - 1281 Pier G Way | 1281 Pier G Way, 90802 | 74,330 | 2013 |
Office Spaces for Rent in California
LONG BEACH OFFICE SALES TRENDS
- $253.222019 Avg. Price per Sqft
- 17.45 %Y-o-Y Avg. PpSF Change
- $38.8M2019 Office Sales Volume
- 32019 Number of Transactions
In 2019, office sales in Long Beach averaged $253.22 per square foot. This marked a 17.45 % increase in office price per square foot, compared to the previous year. A total of 3 office sales closed on the Long Beach office market in 2019, amounting to a total sales volume of $38.8M.
Average Office Sale Price per Sqft
Long Beach, CA Sales Trends
- Long Beach Price per Sqft$253.22
- California Price per Sqft$437.86
Office Sales - Trend and Volume
- Long Beach, CA Total Office Sales Volume in 2019 $38.8M
- Long Beach, CA Total Number of Office Sales Closed in 2019 3
Largest Long Beach Office Sales in 2019
| Property name | Address | Date | Price |
|---|---|---|---|
| 5000 Airport Plaza Drive | 5000 Airport Plaza Drive | 12/11/2019 | $10,777,500 |
| 3929 & 4089 East Conant Street | 3929 East Conant Street | 7/10/2019 | $10,650,000 |
| St. Mary Medical Center - 1040 Elm Avenue | 1040 Elm Avenue | 8/23/2019 | $9,000,000 |
| 5001 Airport Plaza Drive | 5001 Airport Plaza Drive | 12/11/2019 | $8,323,500 |
The Long Beach office market contains an inventory of 11,475,820 square feet of office space, in 128 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Long Beach 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.