San Diego Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $42.06 2020 Avg. Asking Rent
  • 13.02% 2020 Office Vacancy Rate
  • $1.3B2020 Total Office Sales
  • $349.51Avg. Sale Price/SF

San Diego office price per square foot in 2020 was $42.06 on average. The local office market recorded an average vacancy rate of 13.02% across all asset classes combined. The 33 transactions that closed here throughout 2020 amounted to a total sale volume of $1.3B. San Diego office space commanded an average sale price per square foot of $349.51.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • San Diego Class A Office Space$48.99
  • San Diego Class B Office Space$32.57
  • San Diego Class C Office Space$30.62
  • California Class A Office Space$55.92
  • California Class B Office Space$35.12
  • California Class C Office Space$23.50

San Diego, CA Office Asking Rents by Class

Average office rent in San Diego rested at $42.06 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in San Diego averaged $48.99 per square foot. Across all submarkets, class B office space recorded an average asking rent of $32.57 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $30.62 per square foot, on average. Comparably, statewide California average office rents by class in 2020 were: $55.92 per square foot for class A office space; $35.12 per square foot for class B office space; $23.50 per square foot for class C office space.

2020 Office Vacancy Rates in San Diego

Submarket Asking Rents Vacancy Rates
Torrey Pines $55.25 9.39%
Carmel Valley $52.00 14.69%
Downtown $49.85 15.93%
University City $47.16 9.01%
Scripps Ranch $39.15 10.92%
Mission Valley $37.93 11.36%
Sorrento Valley $37.00 17.52%
Rancho Bernardo $36.00 10.06%
West San Diego $31.77 7.56%
Kearny Mesa $30.52 14.78%
East San Diego $29.59 10.77%
Mira Mesa - Rancho Penasquitos $21.56 8.05%
Data provided by Commercial Edge
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 San Diego market was 13.02% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in San Diego was 7.56% in the West San Diego submarket, while the highest office vacancy in the market was 17.52%, recorded in Sorrento Valley.

Office Spaces for Rent in California

San Diego Office Sale Price per SF

  • $349.512020 Avg. Price per SF
  • 21.91%Y-o-Y Avg. PpSF Change
  • $1.3B2020 Office Sales Volume
  • 332020 Number of Transactions

San Diego, CA Sale Price per SF Trend

  • San Diego Avg. Sale Price per SF in 2020$349.51
  • California Avg. Sale Price per SF in 2020$432.41
San Diego office space cost in 2020 marked a +21.91% change compared to the previous year. The sale price for office space in San Diego averaged $349.51 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

  • San Diego, CA Total Office Sales Volume in 2020 $1.3B
  • San Diego, CA Total Number of Office Sales Closed in 2020 33
A total of 33 deals closed on the San Diego office market in 2020, adding up to a yearly sales volume of $1.3B. Notably, the largest transaction on the market saw TEN770 change hands for $135,900,000 on 4/1/2020.

Largest San Diego Office Sales in 2020

Property name Address Date Price
TEN770 10770 Wateridge Circle 4/1/2020 $135,900,000
VERGE - 6450 Sequence Drive 6450 Sequence Drive 11/13/2020 $106,977,800
Elements at Wateridge, The 10221 Wateridge Circle 3/27/2020 $104,500,000
National University Headquarters 11255 North Torrey Pines Road 7/23/2020 $97,500,000
VERGE - 6420 Sequence Drive 6420 Sequence Drive 11/13/2020 $62,720,200
Data provided by Commercial Edge

2020 Office Construction in San Diego, CA

  • San Diego, CA Total SF completed in 2020 1,076,022

During 2020, 1,076,022 square feet of new office space were delivered across the market. At the close of 2020, the San Diego office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 1,076,022 square feet of office space.

Largest Office Properties Recently Completed in San Diego
Office building Address SF Completed
Campus at Horton - Building 2 324 Horton Plaza, 92101 161,801 2022
Merge 56 - Building E 13010 Camino Del Sur, 92129 150,900 2022
13010 Camino Del Sur - Building E 13010 Camino Del Sur, 92129 150,900 2022
Spectrum III 3115 Merryfield Row, 92121 146,368 2022
Merge 56 - Building D 13010 Camino Del Sur, 92129 118,683 2022
13010 Camino Del Sur - Building A 13010 Camino Del Sur, 92129 115,895 2022
Merge 56 - Building A 13010 Camino Del Sur, 92129 115,895 2022
Merge 56 - Building C 13010 Camino Del Sur, 92129 102,683 2022
13010 Camino Del Sur - Building D 13010 Camino Del Sur, 92129 93,550 2022
The Boardwalk - 10275 Science Center Drive 10275 Science Center Drive, 92121 90,408 2022

Worth noting among recent office completions on the San Diego market is Campus at Horton - Building 2, which is currently the largest new office development in the city, at 161,801 square feet.

Data provided by Commercial Edge

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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 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 San Diego 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.