2020 Office Space Rent & Sales
- $30.81 2020 Avg. Asking Rent
- 0.11% Y-o-Y Avg. Asking Rent Change
- 16.45% 2020 Office Vacancy Rate
Long Beach office price per square foot in 2020 was $30.81 on average. This marked a +0.11% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.45% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Long Beach Class A Office Space$34.19
- Long Beach Class B Office Space$27.31
- Long Beach Class C Office Space$76.47
- California Class A Office Space$55.92
- California Class B Office Space$35.12
- California Class C Office Space$23.50
Long Beach, CA Office Asking Rents by Class
Average office rent in Long Beach rested at $30.81 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 Long Beach averaged $34.19 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.31 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $76.47 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.
2020 Office Vacancy Rates in Long Beach
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Carson | $36.38 | 9.94% |
| Long Beach | $32.29 | 15.91% |
| Long Beach - Downtown | $29.10 | 17.96% |
Office Spaces for Rent in California
2020 Office Construction in Long Beach, CA
- Long Beach, CA Total Sqft completed in 2020
- Long Beach, CA Total Sqft under construction in 2021 102,848
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Long Beach 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 102,848 square feet of office space to the market, before year-end.
| 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 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 |
| Westland Real Estate Group Headquarters | 520 West Willow Street, 90806 | 27,869 | 2013 |
Worth noting among recent office completions on the Long Beach market is Civic Center - City Hall, which is currently the largest new office development in the city, at 268,800 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 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.