2023 Office Space Rent & Sales
- $48.72 2023 Avg. Asking Rent
- -1.90% Y-o-Y Avg. Asking Rent Change
- 24.43% 2023 Office Vacancy Rate
- $383M2023 Total Office Sales
- $501.10Avg. Sale Price/SF
Santa Clara office price per square foot in 2023 was $48.72 on average. This marked a -1.90% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 24.43% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $383M. Santa Clara office space commanded an average sale price per square foot of $501.10.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Santa Clara Class A & A+ Office Space$55.10
- Santa Clara Class B Office Space$37.98
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Santa Clara, CA Office Asking Rents by Class
2023 Office Vacancy Rates in Santa Clara
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Cupertino | $65.47 | 7.70% |
Santa Clara - North | $49.40 | 37.74% |
Sunnyvale - East | $43.53 | 2.06% |
Santa Clara - South | $40.82 | 9.14% |
Santa Clara Office Sale Price per SF
- $501.102023 Avg. Price per SF
- -17.90%Y-o-Y Avg. PpSF Change
- $383M2023 Office Sales Volume
- 52023 Number of Transactions
Santa Clara, CA Sale Price per SF Trend
- Santa Clara Avg. Sale Price per SF in 2023$501.10
- California Avg. Sale Price per SF in 2023$256.51
2023 Office Sales Volume
- Santa Clara, CA Total Office Sales Volume in 2023 $383M
- Santa Clara, CA Total Number of Office Sales Closed in 2023 5
Coworking Spaces in California
- Los Angeles Coworking Space
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- Berkeley Coworking Space
- Palo Alto Coworking Space
2023 Office Construction in Santa Clara, CA
- Santa Clara, CA Total SF completed in 2023 108,000
- Santa Clara, CA Total SF under construction in 2024 486,000
During 2023, 108,000 square feet of new office space were delivered across the market. At the close of 2023, the Santa Clara office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 108,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 486,000 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Stevens Creek Boulevard Office Campus - 5407 Stevens Creek Blvd | 5407 Stevens Creek Blvd, 95014 | 108,000 | 2023 |
Lawrence Station | 3655 Kifer Road, 95051 | 173,472 | 2021 |
Mission City Center | 2390 Mission College Blvd-Bldg 1, 95054 | 152,311 | 2018 |
Santa Clara Square - Phase II | 2565 Augustine Dr - Bldg 1, 95054 | 220,156 | 2017 |
Santa Clara Square - East Side Campus V | 2445 Augustine Drive, 95054 | 220,156 | 2017 |
1600 Duane Ave | 1600 Duane Ave, 95054 | 36,000 | 2017 |
Santa Clara Square - Phase II | 2445 Augustine Dr - Bldg 5, 95054 | 220,156 | 2016 |
Santa Clara Square - West Side Campus II | 2755 Augustine Drive, 95054 | 235,108 | 2015 |
Santa Clara Square - West Side Campus III | 2625 Augustine Drive, 95054 | 177,384 | 2015 |
Santa Clara Gateway - 2600 Great America Way | 2600 Great America Way, 95054 | 164,594 | 2014 |
Worth noting among recent office completions on the Santa Clara market is Stevens Creek Boulevard Office Campus - 5407 Stevens Creek Blvd, which is currently the largest new office development in the city, at 108,000 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 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 Santa Clara 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.