Lakewood Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $23.72 2022 Avg. Asking Rent
  • 3.03% Y-o-Y Avg. Asking Rent Change
  • 26.20% 2022 Office Vacancy Rate
  • $46.1M2022 Total Office Sales
  • $154.67Avg. Sale Price/SF

Lakewood office price per square foot in 2022 was $23.72 on average. This marked a +3.03% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 26.20% across all asset classes combined. The 5 transactions that closed here throughout 2022 amounted to a total sale volume of $46.1M. Lakewood office space commanded an average sale price per square foot of $154.67.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Lakewood Class A & A+ Office Space$32.64
  • Lakewood Class B Office Space$23.32
  • Lakewood Class C Office Space$11.15
  • Colorado Class A & A+ Office Space$37.34
  • Colorado Class B Office Space$25.04
  • Colorado Class C Office Space$18.06

Lakewood, CO Office Asking Rents by Class

Average office rent in Lakewood rested at $23.72 per square foot in 2022. 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 Lakewood averaged $32.64 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.32 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $11.15 per square foot, on average. Comparably, statewide Colorado average office rents by class in 2022 were: $37.34 per square foot for class A office space; $25.04 per square foot for class B office space; $18.06 per square foot for class C office space.

2022 Office Vacancy Rates in Lakewood

Submarket Asking Rents Vacancy Rates
Lakewood - West $25.36 25.98%
Highway 121 Corridor $18.28 18.46%
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 Lakewood market was 26.20% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Lakewood was 18.46% in the Highway 121 Corridor submarket, while the highest office vacancy in the market was 25.98%, recorded in Lakewood - West.

Office Spaces for Rent in Colorado

Lakewood Office Sale Price per SF

  • $154.672022 Avg. Price per SF
  • 10.85%Y-o-Y Avg. PpSF Change
  • $46.1M2022 Office Sales Volume
  • 52022 Number of Transactions

Lakewood, CO Sale Price per SF Trend

  • Lakewood Avg. Sale Price per SF in 2022$154.67
  • Colorado Avg. Sale Price per SF in 2022$303.01
Lakewood office space cost in 2022 marked a +10.85% change compared to the previous year. The sale price for office space in Lakewood averaged $154.67 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Colorado average office sale price during the same time period was $303.01 per square foot.

2022 Office Sales Volume

  • Lakewood, CO Total Office Sales Volume in 2022 $46.1M
  • Lakewood, CO Total Number of Office Sales Closed in 2022 5
A total of 5 deals closed on the Lakewood office market in 2022, adding up to a yearly sales volume of $46.1M. Notably, the largest transaction on the market saw Western Area Power Administration Headquarters change hands for $16,993,300 on 10/27/2022.

Largest Lakewood Office Sales in 2022

Property name Address Date Price
Western Area Power Administration Headquarters 12155 West Alameda Pkwy 10/27/2022 $16,993,300
34 Van Gordon Street 34 Van Gordon Street 6/9/2022 $10,400,000
Union Financial Plaza 355 Union Blvd 2/22/2022 $5,000,000
441 Wadsworth Blvd 441 Wadsworth Blvd 6/28/2022 $4,200,000
Data provided by Commercial Edge

Coworking Spaces in Colorado

2022 Office Construction in Lakewood, CO

Largest Office Properties Recently Completed in Lakewood
Office building Address SF Completed
St. Anthony Hospital - Medical Plaza 3 255 South Routt Street, 80228 104,000 2017
St Anthony Medical Plaza III 255 South Routt St, 80226 104,000 2017
St. Anthony Hospital - Medical Plaza 1 & 2 11700 West 2nd Place, 80226 187,000 2012
St. Anthony Medical Plaza I & II 11700 & 11750 West 2nd Place, 80228 186,672 2012
Belmar Block 5 7337 West Alaska Drive, 80226 20,000 2005
Zang Business Center 555 Zang St, 80228 122,780 2001
Zang Business Center 555 Zang St, 80228 122,780 2001
Belmar Medical Building 8015 West Alameda Avenue, 80226 31,853 1987
141 Union 141 Union Blvd, 80228 64,240 1985
7175 West Jefferson Avenue 7175 West Jefferson Avenue, 80235 68,717 1984

Worth noting among recent office completions on the Lakewood market is St. Anthony Hospital - Medical Plaza 3, which is currently the largest new office development in the city, at 104,000 square feet.

Data provided by Commercial Edge

See reports for other 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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Lakewood 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.