San Diego Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $44.35 2024 Avg. Asking Rent
  • 3.96% Y-o-Y Avg. Asking Rent Change
  • 21.06% 2024 Office Vacancy Rate
  • $703.7M2024 Total Office Sales
  • $204.77Avg. Sale Price/SF

San Diego office price per square foot in 2024 was $44.35 on average. This marked a +3.96% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.06% across all asset classes combined. The 29 transactions that closed here throughout 2024 amounted to a total sale volume of $703.7M. San Diego office space commanded an average sale price per square foot of $204.77.

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

  • San Diego Class A & A+ Office Space$52.46
  • San Diego Class B Office Space$35.05
  • San Diego Class C Office Space$36.33
  • California Class A & A+ Office Space$60.31
  • California Class B Office Space$38.42
  • California Class C Office Space$26.20

San Diego, CA Office Asking Rents by Class

Average office rent in San Diego rested at $44.35 per square foot in 2024. 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 $52.46 per square foot. Across all submarkets, class B office space recorded an average asking rent of $35.05 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $36.33 per square foot, on average. Comparably, statewide California average office rents by class in 2024 were: $60.31 per square foot for class A office space; $38.42 per square foot for class B office space; $26.20 per square foot for class C office space.

2024 Office Vacancy Rates in San Diego

Submarket Asking Rents Vacancy Rates
Sorrento Valley $73.15 22.16%
Carmel Valley $57.60 21.80%
University City $43.39 10.71%
Downtown $40.75 38.37%
Mission Valley $40.75 17.09%
West San Diego $36.72 18.06%
South San Diego $36.27 3.37%
Kearny Mesa $35.34 16.87%
Scripps Ranch $34.32 15.51%
Rancho Bernardo $34.08 10.50%
Torrey Pines $33.30 13.81%
East San Diego $31.23 7.12%
Mira Mesa - Rancho Penasquitos $23.87 19.92%
Poway $23.56 26.79%
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 21.06% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in San Diego was 3.37% in the South San Diego submarket, while the highest office vacancy in the market was 38.37%, recorded in Downtown.

Office Spaces for Rent in California

San Diego Office Sale Price per SF

  • $204.772024 Avg. Price per SF
  • -45.41%Y-o-Y Avg. PpSF Change
  • $703.7M2024 Office Sales Volume
  • 292024 Number of Transactions

San Diego, CA Sale Price per SF Trend

  • San Diego Avg. Sale Price per SF in 2024$204.77
  • California Avg. Sale Price per SF in 2024$249.15
San Diego office space cost in 2024 marked a -45.41% change compared to the previous year. The sale price for office space in San Diego averaged $204.77 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

  • San Diego, CA Total Office Sales Volume in 2024 $703.7M
  • San Diego, CA Total Number of Office Sales Closed in 2024 29
A total of 29 deals closed on the San Diego office market in 2024, adding up to a yearly sales volume of $703.7M. Notably, the largest transaction on the market saw Esplanade - 4755 & 4757 Nexus Center Drive change hands for $78,000,000 on 12/31/2024.

Largest San Diego Office Sales in 2024

Property name Address Date Price
Esplanade - 4755 & 4757 Nexus Center Drive 4755 Nexus Center Drive 12/31/2024 $78,000,000
Highlands Corporate Center 12730 High Bluff Drive 10/1/2024 $77,000,000
225 Broadway 225 Broadway 12/31/2024 $48,000,000
Symphony Towers 750 B Street 9/3/2024 $45,686,000
101 West Broadway 101 West Broadway 12/2/2024 $43,933,000
Data provided by Commercial Edge

Coworking Spaces in California

2024 Office Construction in San Diego, CA

  • San Diego, CA Total SF completed in 2024 2,391,347
  • San Diego, CA Total SF under construction in 2025 2,268,361

During 2024, 2,391,347 square feet of new office space were delivered across the market. At the close of 2024, the San Diego office inventory included 10 buildings equal to or larger than 25,000 square feet, which comprised 2,391,347 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 2,268,361 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in San Diego
Office building Address SF Completed
Bioterra 5889 Oberlin Drive, 92121 323,000 2025
The Campus at Horton - Bldg. 200 200 Horton Plz., 92101 204,842 2025
Vista Sorrento Labs 10251 Vista Sorrento Pkwy, 92121 116,665 2025
The Campus at Horton - Bldg. 600 300 Horton Plz., 92101 37,932 2025
The RaDD - 2B - Rise 800 Pacific Coast Hwy, 92101 785,000 2024
The RaDD - 4B - Vida 925 Waterfront Place, 92101 415,000 2024
West 1011 Union Street, 92101 299,000 2024
The RaDD - 3A - Core 950 Waterfront Place, 92101 269,341 2024
Aperture Del Mar - Building 4B 6040 Edgewood Bend Court, 92130 160,101 2024
The RaDD - 2A - Alley 825 North Harbor Drive, 92101 132,068 2024

Worth noting among recent office completions on the San Diego market is Bioterra, which is currently the largest new office development in the city, at 323,000 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 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 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.