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% |
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
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
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 |
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.
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.
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 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.