2020 Office Space Rent & Sales
- $72.71 2020 Avg. Asking Rent
- 11.55% 2020 Office Vacancy Rate
Santa Monica office price per square foot in 2020 was $72.71 on average. The local office market recorded an average vacancy rate of 11.55% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Santa Monica Class A Office Space$80.46
- Santa Monica Class B Office Space$65.51
- California Class A Office Space$55.92
- California Class B Office Space$35.12
- California Class C Office Space$23.50
Santa Monica, CA Office Asking Rents by Class
2020 Office Construction in Santa Monica, CA
- Santa Monica, CA Total SF completed in 2020 80,109
- Santa Monica, CA Total SF under construction in 2021 32,650
During 2020, 80,109 square feet of new office space were delivered across the market. At the close of 2020, the Santa Monica office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 80,109 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 32,650 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Colorado & Euclid | 1550 Euclid Street, 90404 | 36,421 | 2022 |
| The Mark 302 | 302 Colorado Avenue, 90401 | 107,435 | 2020 |
| 1305 Second Street | 1305 2nd Street, 90401 | 27,926 | 2020 |
| 2041-2115 Colorado Avenue | 2041 Colorado Avenue, 90404 | 92,000 | 2019 |
| Santa Monica Gateway | 2834 Colorado Avenue, 90404 | 205,215 | 2017 |
| Pen Factory - West Building | 2701 Olympic Blvd, 90404 | 132,200 | 2017 |
| Pen Factory - East Building | 2701 Olympic Blvd, 90404 | 90,000 | 2017 |
| Penn Station | 1630 Stewart Street, 90404 | 76,169 | 2015 |
| 1800 Stewart Street | 1800 Stewart Street, 90404 | 160,000 | 2013 |
| 3401 Exposition | 3401 Exposition Drive, 90404 | 63,376 | 2013 |
Worth noting among recent office completions on the Santa Monica market is Colorado & Euclid, which is currently the largest new office development in the city, at 36,421 square feet.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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 Monica 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.