Monterey Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $26.24 2020 Avg. Asking Rent
  • -1.14% Y-o-Y Avg. Asking Rent Change
  • 19.14% 2020 Office Vacancy Rate
  • $24.9M2020 Total Office Sales
  • $186.65Avg. Sale Price/SF

Monterey office price per square foot in 2020 was $26.24 on average. This marked a -1.14% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.14% across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $24.9M. Monterey office space commanded an average sale price per square foot of $186.65.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Monterey Class B Office Space$27.26
  • Monterey Class C Office Space$19.91
  • California Class A Office Space$55.92
  • California Class B Office Space$35.12
  • California Class C Office Space$23.50

Monterey, CA Office Asking Rents by Class

Monterey Office Sale Price per SF

  • $186.652020 Avg. Price per SF
  • 34.03%Y-o-Y Avg. PpSF Change
  • $24.9M2020 Office Sales Volume
  • 32020 Number of Transactions

Monterey, CA Sale Price per SF Trend

  • Monterey Avg. Sale Price per SF in 2020$186.65
  • California Avg. Sale Price per SF in 2020$432.41
Monterey office space cost in 2020 marked a +34.03% change compared to the previous year. The sale price for office space in Monterey averaged $186.65 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $432.41 per square foot.

2020 Office Sales Volume

  • Monterey, CA Total Office Sales Volume in 2020 $24.9M
  • Monterey, CA Total Number of Office Sales Closed in 2020 3
A total of 3 deals closed on the Monterey office market in 2020, adding up to a yearly sales volume of $24.9M. Notably, the largest transaction on the market saw 200 East Franklin Street change hands for $9,000,000 on 6/30/2020.

Largest Monterey Office Sales in 2020

Property name Address Date Price
200 East Franklin Street 200 East Franklin Street 6/30/2020 $9,000,000
787 Munras Avenue 787 Munras Avenue 12/4/2020 $8,115,000
Capital Insurance Group Headquarters 2300 Garden Road 12/18/2020 $7,750,000
Data provided by Commercial Edge

2020 Office Construction in Monterey, CA

  • Monterey, 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 Monterey 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 Monterey
Office building Address SF Completed
31 Upper Ragsdale Drive 31 Upper Ragsdale Drive, 93940 28,316 2008
665 Munras Avenue 665 Munras Avenue, 93940 27,000 2001
300 Bonifacio Pl 300 Bonifacio Pl, 93940 15,989 2000
1 Harris CT 1 Harris CT, 93940 16,180 1991
20 Ryan Ranch Road 20 Ryan Ranch Road, 93940 215,000 1990
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
409 Washington St 409 Washington St, 93940 13,595 1989
450 Alma St 450 Alma St, 93940 3,300 1989
301 Lighthouse Ave 301 Lighthouse Ave, 93940 4,716 1986

Worth noting among recent office completions on the Monterey market is 31 Upper Ragsdale Drive, which is currently the largest new office development in the city, at 28,316 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 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.