Highlights
- The average rent for office space in Monterey is $23.07 per square foot, 3.57% higher compared to the previous year.
- The market’s vacancy rate stands at 15.55%, lower than the state average of California, which is 18.44%.
2025 Office Space Rent & Sales
- $23.07 2025 Avg. Asking Rent
- 3.57% Y-o-Y Avg. Asking Rent Change
- 15.55% 2025 Office Vacancy Rate
What is the average asking rent price for office space in Monterey?
Average asking rents for office space here stand at $23.07 per square foot. The local office market recorded an average vacancy rate of 15.55% in 2025, unchanged from 15.55% in 2024.
Monterey, CA Office Asking Rents by Class
What is the average office rent per square foot by property class in CA?
- Avg. Asking Rent Class A & A+$58.81
- Avg. Asking Rent Class B$37.82
- Avg. Asking Rent Class C$22.26
For comparison, the average rent for Class A and A+ office space in California was $58.81 per square foot. The state-wide average for Class B space was $37.82 per square foot, and Class C office spaces averaged $22.26 per square foot.
What are the largest recent office completions in Monterey?
The largest recent office completion here is 20 Ryan Ranch Road at 208,000 square feet, completed in 1990. The next largest completions are Garden Road Professional Center and Harris Court Business Park.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 665 Munras Avenue | 665 Munras Avenue, 93940 | 27,000 | 2001 |
| 20 Ryan Ranch Road | 20 Ryan Ranch Road, 93940 | 208,000 | 1990 |
| Harris Court Business Park | 5 Harris Court, 93940 | 88,428 | 1990 |
| Monterey Commerce Center | 1 Lower Ragsdale Dr, Bldg 1, 93940 | 51,144 | 1990 |
| 409 Washington Street | 409 Washington St, 93940 | 13,595 | 1989 |
| Harris Court | 8 Harris Court, 93940 | 39,983 | 1988 |
| 791 Foam St | 791 Foam St, 93940 | 4,708 | 1986 |
| 445 Tyler St | 445 Tyler St, 93940 | 730 | 1986 |
| Garden Road Professional Center | 2511 Garden Road, 93940 | 174,890 | 1985 |
| 910 Major Sherman Ln | 910 Major Sherman Ln, 93940 | 5,896 | 1985 |
See reports for other markets
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
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 Yardi Research Data can guarantee that the information provided is complete.