2020 Office Space Rent & Sales
- $34.47 2020 Avg. Asking Rent
- 14.21% 2020 Office Vacancy Rate
Torrance office price per square foot in 2020 was $34.47 on average. The local office market recorded an average vacancy rate of 14.21% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Torrance Class A Office Space$34.96
- Torrance Class B Office Space$34.33
- Torrance Class C Office Space$18.00
- California Class A Office Space$55.92
- California Class B Office Space$35.12
- California Class C Office Space$23.50
Torrance, CA Office Asking Rents by Class
Average office rent in Torrance rested at $34.47 per square foot in 2020. 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 Torrance averaged $34.96 per square foot. Across all submarkets, class B office space recorded an average asking rent of $34.33 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.00 per square foot, on average. Comparably, statewide California average office rents by class in 2020 were: $55.92 per square foot for class A office space; $35.12 per square foot for class B office space; $23.50 per square foot for class C office space.
2020 Office Vacancy Rates in Torrance
|Submarket||Asking Rents||Vacancy Rates|
|190th Street Corridor||$31.80||15.58%|
2020 Office Construction in Torrance, CA
- Torrance, CA Total Sqft completed in 2020
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Torrance office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
|LA Biomedical Research Institute||1124 West Carson Street, 90502||77,800||2019|
|20000 Vermont Avenue||20000 Vermont Avenue, 90502||36,072||2019|
|Providence Breeze Ambulatory Care Center||5215 Torrance Blvd, 90503||106,000||2018|
|Torrance Memorial Specialty Center||2841 Lomita Blvd, 90505||65,000||2012|
|5315 Torrance Blvd||5315 Torrance Blvd, 90503||31,600||2011|
|2301-2305 West 190th Street||2301 West 190th Street, 90504||39,000||2006|
|Torrance Freeway Business Center||2203 West 190th Street, 90504||88,000||2005|
|1899 Western Way||1899 Western Way, 90501||81,461||2003|
|2632 West 237th Street||2632 West 237th Street, 90505||35,417||2001|
|Maritz Building||20285 South Western Avenue, 90501||79,500||2000|
Worth noting among recent office completions on the Torrance market is LA Biomedical Research Institute, which is currently the largest new office development in the city, at 77,800 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 Torrance 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.