Riverside Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $25.08 2024 Avg. Asking Rent
  • 8.20% 2024 Office Vacancy Rate
  • $59.8M2024 Total Office Sales
  • $253.56Avg. Sale Price/SF

Riverside office price per square foot in 2024 was $25.08 on average. The local office market recorded an average vacancy rate of 8.20% across all asset classes combined. The 4 transactions that closed here throughout 2024 amounted to a total sale volume of $59.8M. Riverside office space commanded an average sale price per square foot of $253.56.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • California Class A & A+ Office Space$60.31
  • California Class B Office Space$38.42
  • California Class C Office Space$26.20

Riverside, CA Office Asking Rents by Class

2024 Office Vacancy Rates in Riverside

Submarket Asking Rents Vacancy Rates
Moreno Valley $26.40 26.09%
Riverside $25.95 5.91%
Data provided by Yardi Research
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Riverside market was 8.20% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Riverside was 5.91% in the Riverside submarket, while the highest office vacancy in the market was 26.09%, recorded in Moreno Valley.

Office Spaces for Rent in California

Riverside Office Sale Price per SF

  • $253.562024 Avg. Price per SF
  • 46.78%Y-o-Y Avg. PpSF Change
  • $59.8M2024 Office Sales Volume
  • 42024 Number of Transactions

Riverside, CA Sale Price per SF Trend

  • Riverside Avg. Sale Price per SF in 2024$253.56
  • California Avg. Sale Price per SF in 2024$249.15
Riverside office space cost in 2024 marked a +46.78% change compared to the previous year. The sale price for office space in Riverside averaged $253.56 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $249.15 per square foot.

2024 Office Sales Volume

  • Riverside, CA Total Office Sales Volume in 2024 $59.8M
  • Riverside, CA Total Number of Office Sales Closed in 2024 4
A total of 4 deals closed on the Riverside office market in 2024, adding up to a yearly sales volume of $59.8M. Notably, the largest transaction on the market saw Summit Business Center change hands for $38,057,000 on 11/14/2024.
Data provided by Yardi Research

Coworking Spaces in California

2024 Office Construction in Riverside, CA

Largest Office Properties Recently Completed in Riverside
Office building Address SF Completed
Citrus Tower 3390 University Ave., 92507 137,122 2012
Turner Riverwalk - Building 36 11801 Pierce St., 92505 40,361 2007
Buildings 3 & 4 19340 Jesse Ln., 92508 13,626 2007
4199 Flat Rock Dr 4199 Flat Rock Road, 92505 4,635 2007
2300 Market St. 2300 Market St., 92501 63,804 2006
Chicago Gateway - Building B 1955 Chicago Ave., 92507 34,457 2006
2280 Market St. 2280 Market St., 92501 65,380 2005
Riverside Gateway 3550 Vine St., 92507 45,800 2005
Riverside Gateway 3480 Vine St., 92507 45,800 2005
University Village 1223 University Avenue, 92507 182,256 1996

Worth noting among recent office completions on the Riverside market is Citrus Tower, which is currently the largest new office development in the city, at 137,122 square feet.

Data provided by Yardi Research

See reports for other 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Riverside 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 Yardi Research Data can guarantee that the information provided is complete.