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Novato Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $31.69 2020 Avg. Asking Rent
  • 0.97% Y-o-Y Avg. Asking Rent Change
  • 15.48% 2020 Office Vacancy Rate

Novato office price per square foot in 2020 was $31.69 on average. This marked a +0.97% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.48% across all asset classes combined.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Novato Class A Office Space$38.25
  • Novato Class B Office Space$30.46
  • Novato Class C Office Space$24.18
  • California Class A Office Space$55.92
  • California Class B Office Space$35.12
  • California Class C Office Space$23.50

Novato, CA Office Asking Rents by Class

Average office rent in Novato rested at $31.69 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 Novato averaged $38.25 per square foot. Across all submarkets, class B office space recorded an average asking rent of $30.46 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $24.18 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 Construction in Novato, CA

  • Novato, CA Total SF completed in 2020

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Novato office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.

Largest Office Properties Recently Completed in Novato
Office building Address SF Completed
Hamilton Landing - 10 Hamilton Landing 10 Hamilton Landing, 94949 64,231 2007
Hamilton Landing - 7 Hamilton Landing 7 Hamilton Landing, 94949 60,686 2007
Woodside Office Center 7250 Redwood Blvd, 94945 90,214 2003
Wood Hollow Office Park 100 Wood Hollow Drive, 94945 124,600 2001
Hamilton Landing - 9 Hamilton Landing 9 Hamilton Landing, 94949 60,136 2001
Hamilton Landing - 5 Hamilton Landing 5 Hamilton Landing, 94949 56,321 2001
Hamilton Landing - 3 Hamilton Landing 3 Hamilton Landing, 94949 56,321 2001
Hamilton Landing - 4 Hamilton Landing 4 Hamilton Landing, 94949 57,289 2000
Hamilton Landing - 6 Hamilton Landing 6 Hamilton Landing, 94949 57,289 2000
Rowland Plaza 75 Rowland Way, 94945 143,444 1995

Worth noting among recent office completions on the Novato market is Hamilton Landing - 10 Hamilton Landing, which is currently the largest new office development in the city, at 64,231 square feet.

Data provided by Commercial Edge

See reports for nearby markets

  • San Francisco Office Rent Price
  • Oakland Office Rent Price
  • Redwood City Office Rent Price
  • San Mateo Office Rent Price
  • Pleasanton Office Rent Price
  • Walnut Creek Office Rent Price
  • Santa Rosa Office Rent Price
  • Berkeley Office Rent Price

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 Novato 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.

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