Lakewood Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $24.15 2024 Avg. Asking Rent
  • 4.93% Y-o-Y Avg. Asking Rent Change
  • 22.18% 2024 Office Vacancy Rate
  • $37.9M2024 Total Office Sales
  • $60.28Avg. Sale Price/SF

Lakewood office price per square foot in 2024 was $24.15 on average. This marked a +4.93% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 22.18% across all asset classes combined. The 5 transactions that closed here throughout 2024 amounted to a total sale volume of $37.9M. Lakewood office space commanded an average sale price per square foot of $60.28.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Colorado Class A & A+ Office Space$37.67
  • Colorado Class B Office Space$24.08
  • Colorado Class C Office Space$19.23

Lakewood, CO Office Asking Rents by Class

2024 Office Vacancy Rates in Lakewood

Submarket Asking Rents Vacancy Rates
Lakewood - West $26.87 23.30%
Highway 121 Corridor $19.58 17.07%
Data provided by Yardi Research
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 22.18% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Lakewood was 17.07% in the Highway 121 Corridor submarket, while the highest office vacancy in the market was 23.30%, recorded in Lakewood - West.

Office Spaces for Rent in Colorado

Lakewood Office Sale Price per SF

  • $60.282024 Avg. Price per SF
  • -39.91%Y-o-Y Avg. PpSF Change
  • $37.9M2024 Office Sales Volume
  • 52024 Number of Transactions

Lakewood, CO Sale Price per SF Trend

  • Lakewood Avg. Sale Price per SF in 2024$60.28
  • Colorado Avg. Sale Price per SF in 2024$115.50
Lakewood office space cost in 2024 marked a -39.91% change compared to the previous year. The sale price for office space in Lakewood averaged $60.28 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Colorado average office sale price during the same time period was $115.50 per square foot.

2024 Office Sales Volume

  • Lakewood, CO Total Office Sales Volume in 2024 $37.9M
  • Lakewood, CO Total Number of Office Sales Closed in 2024 5
A total of 5 deals closed on the Lakewood office market in 2024, adding up to a yearly sales volume of $37.9M. Notably, the largest transaction on the market saw West Point Building change hands for $11,586,700 on 10/1/2024.
Data provided by Yardi Research

Coworking Spaces in Colorado

Largest Office Properties Recently Completed in Lakewood
Office building Address SF Completed
1038 S Union Blvd 1038 S Union Blvd, 80228 9,668 2022
1038 S Union Blvd 1038 S Union Blvd, 80228 9,668 2022
Zang Business Center 555 Zang St, 80228 122,780 2001
Garrison West 651 Garrison St, 80215 14,723 2000
Garrison West 651 Garrison St, 80215 14,723 2000
Lakewood Church of Nazarene 1755 Dover Street, 80215 8,496 1999
Union Financial Plaza 355 Union Blvd, 80228 44,000 1987
141 Union Blvd 141 Union Blvd, 80228 64,240 1985
US Bank 12340 West Alameda Parkway, 80228 17,542 1984
7373 West Jefferson Avenue Suite 301 7373 West Jefferson Avenue Suite 301, 80235 900 1984

Worth noting among recent office completions on the Lakewood market is 1038 S Union Blvd, which is currently the largest new office development in the city, at 9,668 square feet.

Data provided by Yardi Research

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, 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 Yardi Research Data can guarantee that the information provided is complete.