2024 Office Space Rent & Sales
- $84.88 2024 Avg. Asking Rent
- -1.49% Y-o-Y Avg. Asking Rent Change
- 28.22% 2024 Office Vacancy Rate
Palo Alto office price per square foot in 2024 was $84.88 on average. This marked a -1.49% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 28.22% 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
- Palo Alto Class A & A+ Office Space$88.77
- Palo Alto Class B Office Space$76.62
- California Class A & A+ Office Space$60.31
- California Class B Office Space$38.42
- California Class C Office Space$26.20
Palo Alto, CA Office Asking Rents by Class
Office Spaces for Rent in California
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2024 Office Construction in Palo Alto, CA
- Palo Alto, CA Total SF under construction in 2025 32,582
| Office building | Address | SF | Completed |
|---|---|---|---|
| 388 Cambridge Avenue | 388 Cambridge Avenue, 94306 | 36,000 | 2025 |
| 585 Hamilton Avenue | 585 Hamilton Avenue, 94301 | 8,513 | 2022 |
| 3223 Hanover - Building II | 3223 Hanover Street, 94304 | 72,662 | 2021 |
| 2515 El Camino Real | 2515 El Camino Real, 94306 | 39,953 | 2021 |
| 3223 Hanover - Building I | 3223 Hanover Street, 94304 | 119,700 | 2020 |
| 2555 Park Blvd | 2555 Park Blvd, 94306 | 38,000 | 2018 |
| 425 Page Mill Road | 425 Page Mill Road, 94306 | 36,948 | 2018 |
| 2555 Park Blvd | 2555 Park Blvd, 94306 | 29,989 | 2018 |
| 425 Page Mill Road | 425 Page Mill Road, 94306 | 20,072 | 2018 |
| Stanford Research Park - 1450 Page Mill Road | 1450 Page Mill Road, 94304 | 77,634 | 2017 |
Worth noting among recent office completions on the Palo Alto market is 388 Cambridge Avenue, which is currently the largest new office development in the city, at 36,000 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 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 Palo Alto 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.