Santa Monica Office Market Trends

Office Rental Market

  • $66.30 2019 Avg. Asking Rent
  • 7.60 % 2019 Avg. Vacancy Rate
  • 75,000 2019 Office Completions (Sqft)
  • 112,759 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Santa Monica was $66.30 per square foot, and the office vacancy rate across the market averaged 7.60 %. During 2019, developers added 75,000 square feet of new office space to the Santa Monica market inventory. Office developments estimated for delivery during 2020 total 112,759 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Santa Monica Class A Office Buildings$70.38
  • Santa Monica Class B Office Buildings$62.41
  • CA Class A Office Buildings$51.59
  • CA Class B Office Buildings$34.34
  • CA Class C Office Buildings$22.62

Santa Monica, CA Office Asking Rents by Class

OFFICE CONSTRUCTION IN Santa Monica, CA

  • Santa Monica, CA Total Sqft completed in 2019 75,000
  • Santa Monica, CA Total Sqft under construction in 2020 112,759
10 Largest Office Buildings in Santa Monica
Building name Address Total Sqft Year built
The Water Garden - 1601 Cloverfield 1601 Cloverfield Blvd, 90404 341,379 2000
The Water Garden - 1620 26th 1620 26th Street, 90404 332,824 1992
Rand Building 1776 Main Street, 90401 321,111 2004
The Water Garden - 2425 West Olympic 2425 Olympic Blvd, 90404 316,844 1991
2700 Colorado 2700 Colorado Avenue, 90404 313,366 1985
Lantana Media Campus - West & Center Buildings 2900 Olympic Blvd, 90404 278,680 1959
The Water Garden - 2450 Colorado 2450 Colorado Avenue, 90404 277,914 2000
Colorado Center - Building F 2500 Broadway, 90404 275,647 1991
100 Wilshire 100 Wilshire Blvd, 90401 254,862 1971
Wilshire Boulevard 100 100 Wilshire Boulevard, 90401 252,536 1969
Largest Office Properties Recently Completed in Santa Monica
Office building Address Sqft Completed
Colorado & Euclid 1550 Euclid Street, 90404 36,736 2021
The Mark 302 302 Colorado Avenue, 90401 107,435 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
UCLA Outpatient Services Building 1231 16th Street, 90404 54,572 2011
Data provided by Commercial Edge

Office Spaces for Rent in California

SANTA MONICA OFFICE SALES TRENDS

  • $1,109.332019 Avg. Price per Sqft
  • 64.86 %Y-o-Y Avg. PpSF Change
  • $590.4M2019 Office Sales Volume
  • 32019 Number of Transactions

In 2019, office sales in Santa Monica averaged $1,109.33 per square foot. This marked a 64.86 % increase in office price per square foot, compared to the previous year. A total of 3 office sales closed on the Santa Monica office market in 2019, amounting to a total sales volume of $590.4M.

Average Office Sale Price per Sqft

Santa Monica, CA Sales Trends

  • Santa Monica Price per Sqft$1,109.33
  • California Price per Sqft$437.86

Office Sales - Trend and Volume

  • Santa Monica, CA Total Office Sales Volume in 2019 $590.4M
  • Santa Monica, CA Total Number of Office Sales Closed in 2019 3

Largest Santa Monica Office Sales in 2019

Property name Address Date Price
Lantana Media Campus - West & Center Buildings 2900 Olympic Blvd 3/15/2019 $321,498,500
Lantana Media Campus - South 1 & South 2 Buildings 3003 Exposition Blvd 10/4/2019 $210,865,000
Clock Tower 225 Santa Monica Blvd 3/14/2019 $58,000,000
Data provided by Commercial Edge

See trends for nearby markets

The Santa Monica office market contains an inventory of 11,359,150 square feet of office space, in 159 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.