Monterey Office Market Trends

Office Rental Market

  • $26.55 2019 Avg. Asking Rent
  • 22.72 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 0 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Monterey was $26.55 per square foot, and the office vacancy rate across the market averaged 22.72 %. During 2019, developers added 0 square feet of new office space to the Monterey market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Monterey Class B Office Buildings$28.01
  • Monterey Class C Office Buildings$19.04
  • CA Class A Office Buildings$51.59
  • CA Class B Office Buildings$34.34
  • CA Class C Office Buildings$22.62

Monterey, CA Office Asking Rents by Class

OFFICE CONSTRUCTION IN Monterey, CA

  • Monterey, CA Total Sqft completed in 2019 0
  • Monterey, CA Total Sqft under construction in 2020 0
10 Largest Office Buildings in Monterey
Building name Address Total Sqft Year built
20 Ryan Ranch Road 20 Ryan Ranch Road, 93940 215,000 1990
Garden Road Professional Center 2511 Garden Road, 93940 72,615 1985
Heritage Harbor Office Complex 99 Pacific Street, 93940 68,816 1990
Ryan Ranch Office Park - 2 Lower Ragsdale Drive & 50 Ragsdale Drive 2 Lower Ragsdale Drive, 93940 61,321 1992
2959 Monterey Salinas Hwy 2959 Monterey Salinas Hwy, 93940 59,000 1980
Capital Insurance Group Headquarters 2300 Garden Road, 93940 56,500 1982
Monterey Commerce Center - Buildings 2 & 3 1 Lower Ragsdale Drive, 93940 51,221 1990
Monterey Commerce Center 1 Lower Ragsdale Dr, Bldg 1, 93940 51,144 1990
Community Hospital Ryan Ranch Outpatient Campus - Medical Office Building 1 2 Upper Ragsdale Drive, 93940 48,400 2004
30 & 40 Ryan Court 30 Ryan Court, 93940 44,481 2008
Largest Office Properties Recently Completed in Monterey
Office building Address Sqft Completed
30 & 40 Ryan Court 30 Ryan Court, 93940 44,481 2008
31 Upper Ragsdale Drive 31 Upper Ragsdale Drive, 93940 28,316 2008
Ryan Ranch Professional Office Condominium 19 Upper Ragsdale Drive, 93940 40,000 2006
100 Wilson Road 100 Wilson Road, 93940 36,044 2005
Community Hospital Ryan Ranch Outpatient Campus - Medical Office Building 1 2 Upper Ragsdale Drive, 93940 48,400 2004
Community Hospital Ryan Ranch Outpatient Campus - Professional Center 2 Upper Ragsdale Drive, 93940 40,400 2004
Ryan Ranch Office Park - 4 Lower Ragsdale Drive 4 Lower Ragsdale Drive, 93940 29,747 2001
665 Munras Avenue 665 Munras Avenue, 93940 27,000 2001
Ryan Ranch Office Park - 20 Ragsdale Drive 20 Ragsdale Drive, 93940 25,605 1995
12 Upper Ragsdale Drive & 21 Lower Ragsdale Drive 12 Upper Ragsdale Drive, 93940 40,236 1994
Data provided by Commercial Edge

Office Spaces for Rent in California

See trends for nearby markets

The Monterey office market contains an inventory of 1,668,269 square feet of office space, in 79 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 Monterey 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.