Novato Office Market Trends

Office Rental Market

  • $31.38 2019 Avg. Asking Rent
  • 40.51 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 40,080 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Novato was $31.38 per square foot, and the office vacancy rate across the market averaged 40.51 %. During 2019, developers added 0 square feet of new office space to the Novato market inventory. Office developments estimated for delivery during 2020 total 40,080 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Novato Class A Office Buildings$39.22
  • Novato Class B Office Buildings$30.42
  • Novato Class C Office Buildings$22.87
  • CA Class A Office Buildings$51.59
  • CA Class B Office Buildings$34.34
  • CA Class C Office Buildings$22.62

Novato, CA Office Asking Rents by Class

Office asking rents vary across the Novato office market depending on several factors, one of which is property class. While rents for Class A office buildings in Novato averaged $39.22 per square foot in 2019, Class B office properties garnered average rental rates of $30.42 per square foot. Rental rates for Class C office property in Novato averaged $22.87 per square foot. On a statewide level, Class B office space rents averaged $34.34 per square foot, while rents for Class A office space across California averaged $51.59 per square foot. On average, Class C office properties in California commanded rents of $22.62 per square foot.

OFFICE CONSTRUCTION IN Novato, CA

  • Novato, CA Total Sqft completed in 2019 0
  • Novato, CA Total Sqft under construction in 2020 40,080
10 Largest Office Buildings in Novato
Building name Address Total Sqft Year built
773 San Marin Drive 773 San Marin Drive, 94945 255,472 1993
775 San Marin Drive 775 San Marin Drive, 94945 227,429 1993
777 San Marin Drive 777 San Marin Drive, 94945 227,429 1982
Rowland Plaza 75 Rowland Way, 94945 143,444 1995
Marin Business Center 100 Wood Hollow Dr, 94945 130,062 2001
Wood Hollow Office Park 100 Wood Hollow Drive, 94945 124,600 2001
Pell Plaza 504 Redwood Blvd., 94949 95,000 1991
Woodside Office Center 7250 Redwood Blvd, 94945 90,214 2002
Woodside Office Center 7250 Redwood Blvd, 94945 90,214 2003
300 Bel Marin Keys Blvd 300 Bel Marin Keys Blvd, 94949 83,000 1977
Largest Office Properties Recently Completed in Novato
Office building Address Sqft Completed
Hamilton Landing - 10 Hamilton Landing 10 Hamilton Landing, 94949 64,231 2007
Hamilton Landing - 7 Hamilton Landing 7 Hamilton Landing, 94949 41,873 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 - 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
Bayview Business Park - Buildings O & P 90 Digital Drive, 94949 74,825 1994
Data provided by Commercial Edge

Office Spaces for Rent in California

NOVATO OFFICE SALES TRENDS

  • $228.032019 Avg. Price per Sqft
  • -13.72 %Y-o-Y Avg. PpSF Change
  • $131.1M2019 Office Sales Volume
  • 32019 Number of Transactions

In 2019, office sales in Novato averaged $228.03 per square foot. This marked a -13.72 % decrease in office price per square foot, compared to the previous year. A total of 3 office sales closed on the Novato office market in 2019, amounting to a total sales volume of $131.1M.

Average Office Sale Price per Sqft

Novato, CA Sales Trends

  • Novato Price per Sqft$228.03
  • California Price per Sqft$437.86

Office Sales - Trend and Volume

  • Novato, CA Total Office Sales Volume in 2019 $131.1M
  • Novato, CA Total Number of Office Sales Closed in 2019 3

Largest Novato Office Sales in 2019

Property name Address Date Price
Hamilton Landing - 10 Hamilton Landing 10 Hamilton Landing 11/1/2019 $17,836,820
Hamilton Landing - 7 Hamilton Landing 7 Hamilton Landing 11/1/2019 $17,365,010
Hamilton Landing - 9 Hamilton Landing 9 Hamilton Landing 11/1/2019 $16,699,640
Hamilton Landing - 4 Hamilton Landing 4 Hamilton Landing 11/1/2019 $15,909,040
Hamilton Landing - 6 Hamilton Landing 6 Hamilton Landing 11/1/2019 $15,909,040
Data provided by Commercial Edge

See trends for nearby markets

The Novato office market contains an inventory of 2,603,184 square feet of office space, in 54 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 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.