2024 Office Space Rent & Sales
- $67.21 2024 Avg. Asking Rent
- 21.52% 2024 Office Vacancy Rate
San Mateo office price per square foot in 2024 was $67.21 on average. The local office market recorded an average vacancy rate of 21.52% across all asset classes combined.
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 Mateo Class A & A+ Office Space$71.97
- San Mateo Class B Office Space$63.47
- California Class A & A+ Office Space$60.31
- California Class B Office Space$38.42
- California Class C Office Space$26.20
San Mateo, CA Office Asking Rents by Class
2024 Office Vacancy Rates in San Mateo
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| San Mateo | $69.92 | 23.00% |
| Foster City | $68.36 | 34.80% |
Office Spaces for Rent in California
Coworking Spaces in California
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2024 Office Construction in San Mateo, CA
- San Mateo, CA Total SF under construction in 2025 35,000
| Office building | Address | SF | Completed |
|---|---|---|---|
| Franklin Campus II Bldg 2 | 1 Franklin Pkwy Phase II Bldg 930, | 129,353 | 2019 |
| Campus at Lincoln Centre | 200 Lincoln Centre Drive, 94404 | 360,000 | 2018 |
| 450 Concar - North | 450 Concar Drive, 94402 | 107,072 | 2017 |
| 450 Concar - South | 450 Concar Drive, 94402 | 101,922 | 2017 |
| 100 Grand Lane | 100 Grand Lane, 94404 | 178,720 | 2016 |
| Bay Meadows - Station 3 | 2950 Delaware St, S., 94403 | 174,000 | 2016 |
| 3 East 3rd Avenue | 3 East 3rd Avenue, 94401 | 29,059 | 2016 |
| Park Place at Bay Meadows - 1100 Park Place | 1100 Park Place, 94403 | 127,633 | 2003 |
| Park Place at San Mateo | 1101 Park Place, 94403 | 520,000 | 2001 |
| Parkside Towers | 1001 East Hillsdale Blvd, 94404 | 399,590 | 2001 |
Worth noting among recent office completions on the San Mateo market is Franklin Campus II Bldg 2, which is currently the largest new office development in the city, at 129,353 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 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 Mateo 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.