San Mateo Office Rent Price & Sales Report

Highlights

  • The average rent for office space in San Mateo is $64.57 per square foot, 3.92% lower compared to the previous year.
  • The average sale price for office space in San Mateo is $376.58 per square foot, marking an increase of 105.15% compared to 2024.
  • The market’s vacancy rate stands at 17.77%, lower than the state average of California, which is 18.44%.
  • 29,207 square feet is currently under construction.

2025 Office Space Rent & Sales

  • $64.57 2025 Avg. Asking Rent
  • -3.92% Y-o-Y Avg. Asking Rent Change
  • 17.77% 2025 Office Vacancy Rate
  • $299.7M2025 Total Office Sales
  • $376.58Avg. Sale Price/SF

What is the average asking rent price for office space in San Mateo?

Average asking rents for office space here stand at $64.57 per square foot. The local office market recorded an average vacancy rate of 17.77% in 2025, unchanged from 17.77% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $299.7M across 7 sales. These transactions commanded an average sale price per square foot of $376.58.

San Mateo, CA Office Asking Rents by Class

What is the average office rent per square foot by property class in CA?

  • Avg. Asking Rent Class A & A+$58.81
  • Avg. Asking Rent Class B$37.82
  • Avg. Asking Rent Class C$22.26

For comparison, the average rent for Class A and A+ office space in California was $58.81 per square foot. The state-wide average for Class B space was $37.82 per square foot, and Class C office spaces averaged $22.26 per square foot.

San Mateo, CA Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in San Mateo was San Mateo at 18.41%. Meanwhile, the highest office vacancy rate in the market was 38.74%, recorded in Foster City.
Submarket Asking Rents Vacancy Rates
San Mateo $65.45 18.41%
Foster City $59.85 38.74%
Data provided by Yardi Research

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2025 Office Sales Volume

  • $376.582025 Avg. Price per SF
  • $299.7M2025 Office Sales Volume
  • 72025 Number of Transactions

What is the average sale price per square foot for office space in San Mateo?

Average sale prices for office space in this market recorded a +105.15% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $376.58 per square foot. For comparison, the statewide California average during the same time period stood at $295.06 per square foot, while the national average was $182.48 per square foot.

San Mateo, CA Sale Price per SF Trend

  • San Mateo Avg. Sale Price per SF in 2025$376.58
  • California Avg. Sale Price per SF in 2025$295.06

What was the total office sales volume in San Mateo in 2025?

The local office market recorded 7 deals in 2025, adding up to a yearly sales volume of $299.7M.

  • San Mateo, CA Total Office Sales Volume in 2025 $299.7M
  • San Mateo, CA Total Number of Office Sales Closed in 2025 7
Data provided by Yardi Research

Office Construction in San Mateo, CA

  • San Mateo, CA Total SF under construction in 2026 29,207

What are the largest recent office completions in San Mateo?

The largest recent office completion here is Park Place at San Mateo at 520,000 square feet, completed in 2001. The next largest completions are Parkside Towers and 1850 Gateway Drive.

Office building Address SF Completed
Franklin Campus II Bldg 2 1 Franklin Pkwy Phase II Bldg 930, 129,353 2019
3 East 3rd Avenue 3 East 3rd Avenue, 94401 29,059 2016
900 Concar Drive 900 Concar Drive, 94402 114,268 2002
Park Place at San Mateo 1101 Park Place, 94403 520,000 2001
Parkside Towers 1001-1051 Hillsdale Blvd, E., 94404 399,590 2000
201 Baldwin 201-225 Baldwin Ave, 94401 23,671 1999
1840 Gateway Drive 1840 Gateway Drive, 94404 73,365 1998
San Mateo Gateway IV 1840 Gateway Dr, 94402 68,490 1997
The Crossroads - 1855 South Grant Street 1855 South Grant Street, 94402 69,220 1996
1850 Gateway Drive 1850 Gateway Drive, 94404 142,911 1991
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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 Yardi Research Data can guarantee that the information provided is complete.