Westlake Village Office Rent Price & Sales Report

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%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Westlake Village market was 18.76% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Westlake Village was 13.93% in the Agoura Hills - Calabasas submarket, while the highest office vacancy in the market was 23.23%, recorded in Thousand Oaks.

Office Spaces for Rent in California

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
Westlake Village office space cost in 2020 marked a +2.07% change compared to the previous year. The sale price for office space in Westlake Village averaged $221.50 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $432.41 per square foot.

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
A total of 4 deals closed on the Westlake Village office market in 2020, adding up to a yearly sales volume of $155.5M. Notably, the largest transaction on the market saw 31303 Agoura Road change hands for $69,000,000 on 2/14/2020.

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
Data provided by Commercial Edge

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.

Largest Office Properties Recently Completed in Westlake Village
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.

Data provided by Commercial Edge

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.