2020 Office Space Rent & Sales
- $30.84 2020 Avg. Asking Rent
- -1.32% Y-o-Y Avg. Asking Rent Change
- 18.76% 2020 Office Vacancy Rate
- $155.5M2020 Total Office Sales
- $221.50Avg. Sale Price/SF
Westlake Village office price per square foot in 2020 was $30.84 on average. This marked a -1.32% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 18.76% across all asset classes combined. The 4 transactions that closed here throughout 2020 amounted to a total sale volume of $155.5M. Westlake Village office space commanded an average sale price per square foot of $221.50.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Westlake Village Class A Office Space$40.16
- Westlake Village Class B Office Space$29.03
- California Class A Office Space$55.92
- California Class B Office Space$35.12
- California Class C Office Space$23.50
Westlake Village, CA Office Asking Rents by Class
2020 Office Vacancy Rates in Westlake Village
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Thousand Oaks | $32.25 | 23.23% |
Agoura Hills - Calabasas | $29.56 | 13.93% |
Westlake Village Office Sale Price per SF
- $221.502020 Avg. Price per SF
- 2.07%Y-o-Y Avg. PpSF Change
- $155.5M2020 Office Sales Volume
- 42020 Number of Transactions
Westlake Village, CA Sale Price per SF Trend
- Westlake Village Avg. Sale Price per SF in 2020$221.50
- California Avg. Sale Price per SF in 2020$432.41
2020 Office Sales Volume
- Westlake Village, CA Total Office Sales Volume in 2020 $155.5M
- Westlake Village, CA Total Number of Office Sales Closed in 2020 4
Largest Westlake Village Office Sales in 2020
Property name | Address | Date | Price |
---|---|---|---|
31303 Agoura Road | 31303 Agoura Road | 2/14/2020 | $69,000,000 |
Wellpoint Thousand Oaks | 4553 La Tienda Drive | 2/19/2020 | $36,800,000 |
Westlake Plaza Centre I | 2801 Townsgate Road | 7/2/2020 | $22,802,000 |
Westlake Plaza Center III | 2815 Townsgate Road | 7/2/2020 | $18,225,000 |
Westlake Spectrum - 4360 Park Terrace Drive | 4360 Park Terrace Drive | 11/4/2020 | $8,670,000 |
2020 Office Construction in Westlake Village, CA
- Westlake Village, CA Total SF completed in 2020
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Westlake Village office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
Westlake Park Place - 3045 & 3075 Townsgate Road | 3043 Townsgate Road, 91361 | 120,934 | 2016 |
Westlake Park Place - 3059 Townsgate Road | 3059 Townsgate Road, 91361 | 102,344 | 2015 |
Westlake Park Place - 3011 Townsgate Road | 3011 Townsgate Road, 91361 | 102,012 | 2008 |
Westlake Park Place - 2931 & 3027 Townsgate Road | 3027 Townsgate Road, 91361 | 70,781 | 2008 |
Westlake Park Place - 2915 & 2945 Townsgate Road | 2945 Townsgate Road, 91361 | 65,931 | 2008 |
Westlake Landmark - Building II | 30870 Russell Ranch Road, 91362 | 115,677 | 2006 |
Westlake Landmark - Building I | 30930 Russell Ranch Road, 91362 | 64,304 | 2006 |
North Ranch Corporate Center - 4580 East Thousand Oaks Blvd | 4580 East Thousand Oaks Blvd, 91362 | 37,103 | 2005 |
Townsgate Technology Center | 2475 Townsgate Road, 91361 | 64,457 | 2003 |
Westlake Plaza Center III | 2815 Townsgate Road, 91361 | 77,108 | 2001 |
Worth noting among recent office completions on the Westlake Village market is Westlake Park Place - 3045 & 3075 Townsgate Road, which is currently the largest new office development in the city, at 120,934 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 Westlake Village 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.