2023 Office Space Rent & Sales
- $41.57 2023 Avg. Asking Rent
- 4.66% Y-o-Y Avg. Asking Rent Change
- 14.01% 2023 Office Vacancy Rate
- $69.4M2023 Total Office Sales
- $351.97Avg. Sale Price/SF
Newport Beach office price per square foot in 2023 was $41.57 on average. This marked a +4.66% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.01% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $69.4M. Newport Beach office space commanded an average sale price per square foot of $351.97.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Newport Beach Class A & A+ Office Space$52.94
- Newport Beach Class B Office Space$33.02
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Newport Beach, CA Office Asking Rents by Class
2023 Office Vacancy Rates in Newport Beach
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Newport Center | $52.29 | 6.93% |
Costa Mesa | $39.13 | 34.23% |
John Wayne Airport | $34.45 | 20.16% |
Newport Beach Office Sale Price per SF
- $351.972023 Avg. Price per SF
- $69.4M2023 Office Sales Volume
- 32023 Number of Transactions
Newport Beach, CA Sale Price per SF Trend
- Newport Beach Avg. Sale Price per SF in 2023$351.97
- California Avg. Sale Price per SF in 2023$256.51
2023 Office Sales Volume
- Newport Beach, CA Total Office Sales Volume in 2023 $69.4M
- Newport Beach, CA Total Number of Office Sales Closed in 2023 3
Coworking Spaces in California
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2023 Office Construction in Newport Beach, CA
Office building | Address | SF | Completed |
---|---|---|---|
Newport Medical Landing | 4301 & 4321 Birch St, 92660 | 23,729 | 2020 |
Newport Medical Landing | 4301 & 4321 Birch St, 92660 | 23,729 | 2020 |
20 Corporate Plaza Dr | 20 Corporate Plaza Dr, 92660 | 5,000 | 2015 |
520 Newport Center Drive | 520 Newport Center Drive, 92660 | 326,000 | 2014 |
680 Newport Center Drive | 680 Newport Center Drive, 92660 | 55,065 | 2005 |
20162 SW Birch St. | 20162 SW Birch St., 92660 | 31,186 | 2004 |
20280 Acacia St. | 20280 Acacia St., 92660 | 27,369 | 2003 |
Bayview Business Park | 20401 SW Birch Street, 92660 | 101,569 | 2001 |
20411 SW Birch St | 20411 SW Birch St, 92660 | 81,244 | 2001 |
Newport Plaza | 895 Dove Street, 92660 | 107,472 | 2000 |
Worth noting among recent office completions on the Newport Beach market is Newport Medical Landing, which is currently the largest new office development in the city, at 23,729 square feet.
See reports for other markets
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Newport Beach 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.