2022 Office Space Rent & Sales
- $43.87 2022 Avg. Asking Rent
- 19.26% 2022 Office Vacancy Rate
- $494.3M2022 Total Office Sales
- $340.75Avg. Sale Price/SF
San Jose office price per square foot in 2022 was $43.87 on average. The local office market recorded an average vacancy rate of 19.26% across all asset classes combined. The 17 transactions that closed here throughout 2022 amounted to a total sale volume of $494.3M. San Jose office space commanded an average sale price per square foot of $340.75.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- San Jose Class A & A+ Office Space$46.50
- San Jose Class B Office Space$40.82
- San Jose Class C Office Space$32.99
- California Class A & A+ Office Space$59.32
- California Class B Office Space$37.75
- California Class C Office Space$25.55
San Jose, CA Office Asking Rents by Class
Average office rent in San Jose rested at $43.87 per square foot in 2022. 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 Jose averaged $46.50 per square foot. Across all submarkets, class B office space recorded an average asking rent of $40.82 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $32.99 per square foot, on average. Comparably, statewide California average office rents by class in 2022 were: $59.32 per square foot for class A office space; $37.75 per square foot for class B office space; $25.55 per square foot for class C office space.
2022 Office Vacancy Rates in San Jose
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Cupertino | $68.19 | 3.61% |
San Jose - Alviso | $57.15 | 30.95% |
San Jose - CBD | $55.07 | 31.73% |
Santa Clara - South | $43.94 | 8.52% |
San Jose - North | $42.30 | 18.89% |
San Jose - South Central | $33.74 | 6.44% |
San Jose - North Central | $33.48 | 5.61% |
San Jose - South | $32.24 | 8.85% |
San Jose - East | $29.89 | 1.82% |
San Jose - Berryessa | $27.36 | 8.35% |
San Jose - West Valley | $22.40 | 29.06% |
San Jose Office Sale Price per SF
- $340.752022 Avg. Price per SF
- -40.24%Y-o-Y Avg. PpSF Change
- $494.3M2022 Office Sales Volume
- 172022 Number of Transactions
San Jose, CA Sale Price per SF Trend
- San Jose Avg. Sale Price per SF in 2022$340.75
- California Avg. Sale Price per SF in 2022$396.51
2022 Office Sales Volume
- San Jose, CA Total Office Sales Volume in 2022 $494.3M
- San Jose, CA Total Number of Office Sales Closed in 2022 17
Largest San Jose Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
District | 237 - 350 Holger Way | 350 Holger Way | 11/23/2022 | $54,000,000 |
3001 Orchard Pkwy | 3001 Orchard Pkwy | 8/26/2022 | $40,691,000 |
350 East Plumeria Drive | 350 East Plumeria Drive | 12/27/2022 | $37,932,000 |
525 Race Street | 525 Race Street | 4/1/2022 | $33,000,000 |
5729 Fontanoso Way | 5729 Fontanoso Way | 7/6/2022 | $27,400,000 |
Coworking Spaces in California
- Los Angeles Coworking Space
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- Carlsbad Coworking Space
2022 Office Construction in San Jose, CA
- San Jose, CA Total SF completed in 2022 617,320
- San Jose, CA Total SF under construction in 2023 2,167,845
During 2022, 617,320 square feet of new office space were delivered across the market. At the close of 2022, the San Jose office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 617,320 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 2,167,845 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
One Santana West | One Santana West, 95128 | 375,000 | 2022 |
717 West Julian Street | 717 West Julian Street, 95126 | 8,850 | 2021 |
1030 Leigh Ave | 1030 Leigh Avenue, 95126 | 7,200 | 2021 |
The Offices at Santana Row - 500 Santana Row | 500 Santana Row, 95128 | 235,000 | 2016 |
Santana Row | 300 Santana Row, 95128 | 80,000 | 2009 |
RiverPark Tower II | 300 Park Ave, 95112 | 321,618 | 2008 |
Fortune Corporate Campus | 2526 Qume Drive, 95131 | 161,215 | 2006 |
2220 Ringwood Avenue | 2220 Ringwood Ave, 95131 | 3,120 | 2004 |
1889 Concourse Drive | 1889 Concourse Dr, 95131 | 1,756 | 2004 |
Sobrato Office Tower | 488 South Almaden Blvd, 95110 | 378,961 | 2003 |
Worth noting among recent office completions on the San Jose market is One Santana West, which is currently the largest new office development in the city, at 375,000 square feet.
See reports for other markets
- Los Angeles Office Rent Price
- San Diego Office Rent Price
- San Francisco Office Rent Price
- Sacramento Office Rent Price
- Irvine Office Rent Price
- Fresno Office Rent Price
- Sunnyvale Office Rent Price
- Santa Clara Office Rent Price
- Santa Monica Office Rent Price
- Miami Office Rent Price
- Chicago Office Rent Price
- Washington Office Rent Price
- New York City Office Rent Price
- Denver Office Rent Price
- Seattle Office Rent Price
- Austin Office Rent Price
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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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 Jose 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.