2023 Office Space Rent & Sales
- $41.60 2023 Avg. Asking Rent
- 18.90% 2023 Office Vacancy Rate
- $434.1M2023 Total Office Sales
- $310.95Avg. Sale Price/SF
San Diego office price per square foot in 2023 was $41.60 on average. The local office market recorded an average vacancy rate of 18.90% across all asset classes combined. The 13 transactions that closed here throughout 2023 amounted to a total sale volume of $434.1M. San Diego office space commanded an average sale price per square foot of $310.95.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- San Diego Class A & A+ Office Space$46.25
- San Diego Class B Office Space$36.44
- San Diego Class C Office Space$24.72
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
San Diego, CA Office Asking Rents by Class
Average office rent in San Diego rested at $41.60 per square foot in 2023. 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 $46.25 per square foot. Across all submarkets, class B office space recorded an average asking rent of $36.44 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $24.72 per square foot, on average. Comparably, statewide California average office rents by class in 2023 were: $56.30 per square foot for class A office space; $37.45 per square foot for class B office space; $44.91 per square foot for class C office space.
2023 Office Vacancy Rates in San Diego
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Carmel Valley | $56.05 | 14.87% |
University City | $48.44 | 14.08% |
Mission Valley | $43.10 | 19.36% |
Downtown | $42.67 | 29.75% |
South San Diego | $42.31 | 8.14% |
Scripps Ranch | $39.22 | 11.64% |
Rancho Bernardo | $38.71 | 15.31% |
Sorrento Valley | $36.96 | 21.27% |
Kearny Mesa | $36.30 | 15.77% |
West San Diego | $35.98 | 16.18% |
East San Diego | $34.98 | 9.70% |
Torrey Pines | $31.14 | 13.30% |
Poway | $28.32 | 9.72% |
Mira Mesa - Rancho Penasquitos | $25.87 | 7.58% |
San Diego Office Sale Price per SF
- $310.952023 Avg. Price per SF
- -27.24%Y-o-Y Avg. PpSF Change
- $434.1M2023 Office Sales Volume
- 132023 Number of Transactions
San Diego, CA Sale Price per SF Trend
- San Diego Avg. Sale Price per SF in 2023$310.95
- California Avg. Sale Price per SF in 2023$256.51
2023 Office Sales Volume
- San Diego, CA Total Office Sales Volume in 2023 $434.1M
- San Diego, CA Total Number of Office Sales Closed in 2023 13
Largest San Diego Office Sales in 2023
Property name | Address | Date | Price |
---|---|---|---|
Cubic Corporation Headquarters | 9233 Balboa Avenue | 3/30/2023 | $148,250,000 |
Rose Canyon Business Park | 4901 Morena Blvd | 3/23/2023 | $72,750,000 |
Tower 180 | 1010 2nd Avenue | 12/21/2023 | $61,000,000 |
Yard, The | 5825 Oberlin Drive | 5/19/2023 | $36,000,000 |
Cubic Mission & Performance Solutions Headquarters | 9323 Balboa Avenue | 3/30/2023 | $27,110,000 |
Coworking Spaces in California
- Los Angeles Coworking Space
- San Francisco Coworking Space
- San Diego Coworking Space
- Las Vegas Coworking Space
- Seattle Coworking Space
- Phoenix Coworking Space
- Irvine Coworking Space
- Sacramento Coworking Space
- Scottsdale Coworking Space
- Salt Lake City Coworking Space
- Long Beach Coworking Space
- Newport Beach Coworking Space
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- Tucson Coworking Space
- Palo Alto Coworking Space
- Berkeley Coworking Space
2023 Office Construction in San Diego, CA
- San Diego, CA Total SF completed in 2023 744,964
- San Diego, CA Total SF under construction in 2024 3,972,324
During 2023, 744,964 square feet of new office space were delivered across the market. At the close of 2023, the San Diego office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 744,964 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 3,972,324 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
West | 1011 Union Street, 92101 | 289,000 | 2024 |
The Campus at Horton - Bldg. 200 | 200 Horton Plz., 92101 | 204,842 | 2024 |
Aperture Del Mar - Building 4B | NEC of Ted Williams Fwy & Carmel Valley Road, 92130 | 160,101 | 2024 |
Aperture Del Mar - Building 4A | NEC of Ted Williams Fwy & Carmel Valley Road, 92130 | 127,309 | 2024 |
Via Del Campo 2 | 16705 Via Del Campo Court, 92127 | 83,482 | 2024 |
RaDD - 2A - Alley | 825 N. Harbor Dr., 92101 | 69,068 | 2024 |
RaDD - 4A - Edge | 975 Waterfront Pl., 92101 | 41,527 | 2024 |
The Campus at Horton - Bldg. 600 | 300 Horton Plz., 92101 | 37,932 | 2024 |
Callan Ridge | 3030 Callan Road, 92121 | 185,000 | 2023 |
2150 1st Ave | 2150 1st Ave, 92101 | 4,187 | 2022 |
Worth noting among recent office completions on the San Diego market is West, which is currently the largest new office development in the city, at 289,000 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 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.