San Diego Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $41.71 2021 Avg. Asking Rent
  • -0.84% Y-o-Y Avg. Asking Rent Change
  • 16.88% 2021 Office Vacancy Rate
  • $2.5B2021 Total Office Sales
  • $409.67Avg. Sale Price/SF

San Diego office price per square foot in 2021 was $41.71 on average. This marked a -0.84% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.88% across all asset classes combined. The 60 transactions that closed here throughout 2021 amounted to a total sale volume of $2.5B. San Diego office space commanded an average sale price per square foot of $409.67.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • San Diego Class A & A+ Office Space$47.11
  • San Diego Class B Office Space$34.24
  • California Class A & A+ Office Space$55.83
  • California Class B Office Space$37.04
  • California Class C Office Space$33.83

San Diego, CA Office Asking Rents by Class

2021 Office Vacancy Rates in San Diego

Submarket Asking Rents Vacancy Rates
Carmel Valley $53.84 16.29%
Downtown $47.42 24.14%
Torrey Pines $47.01 14.57%
University City $46.71 14.05%
Mission Valley $40.95 13.33%
Scripps Ranch $35.95 19.87%
Sorrento Valley $35.87 15.48%
Kearny Mesa $34.71 18.71%
West San Diego $34.04 13.83%
Rancho Bernardo $31.66 12.94%
East San Diego $29.43 9.86%
Mira Mesa - Rancho Penasquitos $23.15 14.66%
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 16.88% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in San Diego was 9.86% in the East San Diego submarket, while the highest office vacancy in the market was 24.14%, recorded in Downtown.

Office Spaces for Rent in California

San Diego Office Sale Price per SF

  • $409.672021 Avg. Price per SF
  • 4.01%Y-o-Y Avg. PpSF Change
  • $2.5B2021 Office Sales Volume
  • 602021 Number of Transactions

San Diego, CA Sale Price per SF Trend

  • San Diego Avg. Sale Price per SF in 2021$409.67
  • California Avg. Sale Price per SF in 2021$431.23
San Diego office space cost in 2021 marked a +4.01% change compared to the previous year. The sale price for office space in San Diego averaged $409.67 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $431.23 per square foot.

2021 Office Sales Volume

  • San Diego, CA Total Office Sales Volume in 2021 $2.5B
  • San Diego, CA Total Number of Office Sales Closed in 2021 60
A total of 60 deals closed on the San Diego office market in 2021, adding up to a yearly sales volume of $2.5B. Notably, the largest transaction on the market saw 1 Columbia Place change hands for $182,500,000 on 6/21/2021.

Largest San Diego Office Sales in 2021

Property name Address Date Price
1 Columbia Place 401 West A Street 6/21/2021 $182,500,000
Aventine 8910 University Center Lane 10/29/2021 $170,000,000
701 B Street 701 B Street 6/21/2021 $142,500,000
Lusk Business Park - 6150, 6160 Lusk Blvd & 10225 Barnes Canyon Road 6150 Lusk Blvd 10/20/2021 $116,500,000
Sorrento Corporate Center 9950 Barnes Canyon Road 12/21/2021 $115,000,000
Data provided by Commercial Edge

Coworking Spaces in California

2021 Office Construction in San Diego, CA

  • San Diego, CA Total SF completed in 2021 1,160,018
  • San Diego, CA Total SF under construction in 2022 478,694

During 2021, 1,160,018 square feet of new office space were delivered across the market. At the close of 2021, the San Diego office inventory included 10 buildings equal to or larger than 25,000 square feet, which comprised 1,160,018 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 478,694 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in San Diego
Office building Address SF Completed
The RaDD - 2B - Rise 800 Pacific Coast Hwy., 92101 729,930 2023
The RaDD - 4B - Vida 925 Waterfront Pl., 92101 396,154 2023
The Campus at Horton - Bldg. 100 100 Horton Plz., 92101 389,000 2023
The Campus at Horton - Bldg. 200 200 Horton Plz., 92101 256,000 2023
The RaDD - 3A - Core 950 Waterfront Pl., 92101 221,341 2023
La Jolla Commons - Tower III 4727 Executive Drive, 92122 212,851 2023
The Campus at Horton - Bldg. 300 300 Horton Plz., 92101 124,000 2023
The RaDD - 2A - Alley 825 N. Harbor Dr., 92101 117,186 2023
The RaDD - 4A - Edge 975 Waterfront Pl., 92101 88,457 2023
2100 Kettner 2100 Kettner Blvd, 92101 235,000 2021

Worth noting among recent office completions on the San Diego market is The RaDD - 2B - Rise, which is currently the largest new office development in the city, at 729,930 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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.