2023 Office Space Rent & Sales
- $26.56 2023 Avg. Asking Rent
- 3.02% Y-o-Y Avg. Asking Rent Change
- 8.97% 2023 Office Vacancy Rate
- $81.1M2023 Total Office Sales
- $318.98Avg. Sale Price/SF
Long Beach office price per square foot in 2023 was $26.56 on average. This marked a +3.02% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 8.97% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $81.1M. Long Beach office space commanded an average sale price per square foot of $318.98.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Long Beach Class A & A+ Office Space$34.80
- Long Beach Class B Office Space$26.41
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Long Beach, CA Office Asking Rents by Class
2023 Office Vacancy Rates in Long Beach
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Long Beach | $27.87 | 11.59% |
Carson | $26.50 | 6.62% |
Long Beach - Downtown | $25.71 | 7.69% |
Long Beach Office Sale Price per SF
- $318.982023 Avg. Price per SF
- 37.74%Y-o-Y Avg. PpSF Change
- $81.1M2023 Office Sales Volume
- 32023 Number of Transactions
Long Beach, CA Sale Price per SF Trend
- Long Beach Avg. Sale Price per SF in 2023$318.98
- California Avg. Sale Price per SF in 2023$256.51
2023 Office Sales Volume
- Long Beach, CA Total Office Sales Volume in 2023 $81.1M
- Long Beach, CA Total Number of Office Sales Closed in 2023 3
Coworking Spaces in California
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2023 Office Construction in Long Beach, CA
- Long Beach, CA Total SF completed in 2023 27,664
- Long Beach, CA Total SF under construction in 2024 33,341
During 2023, 27,664 square feet of new office space were delivered across the market. At the close of 2023, the Long Beach office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 27,664 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 33,341 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Airway Office Park, Building 2 | 3810 Stineman Ct, 90808 | 33,126 | 2023 |
Airway Office Park, Building 2 | 3810 Stineman Ct, 90808 | 33,126 | 2023 |
Building #1 | 3816 Stineman Ct, 90808 | 27,460 | 2023 |
Building #1 | 3816 Stineman Ct, 90808 | 27,460 | 2023 |
1836-1852 Locust Ave - Vistas Del Puerto | 1836-1852 Locust Ave - Vistas Del Puerto, 90806 | 50,000 | 2021 |
3750 Schaufele Suite 270 | 3750 Schaufele Suite 270, 90808 | 3,850 | 2009 |
3918 Long Beach Blvd | 3918 Long Beach Blvd, 90807 | 19,642 | 2005 |
Kilroy Airport Center - 3800 Kilroy Airport Way | 3800 Kilroy Airport Way, 90806 | 192,476 | 2000 |
111 West Ocean Blvd | 111 West Ocean Blvd, 90802 | 462,183 | 1990 |
One World Trade Center | 1 World Trade Center, 90802 | 584,511 | 1989 |
Worth noting among recent office completions on the Long Beach market is Airway Office Park, Building 2, which is currently the largest new office development in the city, at 33,126 square feet.
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.