2023 Office Space Rent & Sales
- $111.56 2023 Avg. Asking Rent
- 19.80% 2023 Office Vacancy Rate
Menlo Park office price per square foot in 2023 was $111.56 on average. The local office market recorded an average vacancy rate of 19.80% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Menlo Park Class A & A+ Office Space$134.74
- Menlo Park Class B Office Space$98.82
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Menlo Park, CA Office Asking Rents by Class
2023 Office Vacancy Rates in Menlo Park
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Menlo Park | $112.41 | 23.22% |
Redwood City | $83.59 | 39.32% |
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2023 Office Construction in Menlo Park, CA
- Menlo Park, CA Total SF completed in 2023 162,419
- Menlo Park, CA Total SF under construction in 2024 255,600
During 2023, 162,419 square feet of new office space were delivered across the market. At the close of 2023, the Menlo Park office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 162,419 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 255,600 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Middle Plaza - 300 El Camino Real | 300 El Camino Real, 94025 | 93,000 | 2023 |
Middle Plaza | 200 El Camino Real, | 33,907 | 2022 |
1540 El Camino Real | 1540 El Camino Real, 94025 | 48,003 | 2021 |
3295 El Camino Real | 3295 El Camino Real, 94027 | 8,600 | 2020 |
Menlo Gateway - 100 Independence Drive | 100 Independence Drive, 94025 | 210,298 | 2017 |
Commonwealth Corporate Center II | 164 Jefferson Drive, 94025 | 129,960 | 2016 |
Commonwealth Corporate Center I | 162 Jefferson Drive, 94025 | 129,960 | 2016 |
4085 Campbell Ave | 4085 Campbell Ave, | 61,573 | 2013 |
1706 El Camino Real | 1706 El Camino Real, 94025 | 11,332 | 2013 |
200 Middlefield Road | 200 Middlefield Road, 94025 | 41,933 | 2012 |
Worth noting among recent office completions on the Menlo Park market is Middle Plaza - 300 El Camino Real, which is currently the largest new office development in the city, at 93,000 square feet.
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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 Menlo Park 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.