Naples Office Market Trends

Office Rental Market

  • $31.33 2019 Avg. Asking Rent
  • 12.30 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 521,602 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Naples was $31.33 per square foot, and the office vacancy rate across the market averaged 12.30 %. During 2019, developers added 0 square feet of new office space to the Naples market inventory. Office developments estimated for delivery during 2020 total 521,602 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Naples Class A Office Buildings$32.72
  • Naples Class B Office Buildings$29.57
  • Naples Class C Office Buildings$19.98
  • FL Class A Office Buildings$37.07
  • FL Class B Office Buildings$23.53
  • FL Class C Office Buildings$18.02

Naples, FL Office Asking Rents by Class

Office asking rents vary across the Naples office market depending on several factors, one of which is property class. While rents for Class A office buildings in Naples averaged $32.72 per square foot in 2019, Class B office properties garnered average rental rates of $29.57 per square foot. Rental rates for Class C office property in Naples averaged $19.98 per square foot. On a statewide level, Class B office space rents averaged $23.53 per square foot, while rents for Class A office space across Florida averaged $37.07 per square foot. On average, Class C office properties in Florida commanded rents of $18.02 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
North Naples $34.56 12.57 %
East Naples $31.82 11.66 %
Naples $28.13 14.40 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Naples was 11.66 % in the East Naples submarket, where asking rents averaged $31.82.
  • The highest office vacancy rate in 2019 in Naples was 14.40 % in the Naples submarket, where asking rents averaged $28.13.

OFFICE CONSTRUCTION IN Naples, FL

  • Naples, FL Total Sqft completed in 2019 0
  • Naples, FL Total Sqft under construction in 2020 521,602
10 Largest Office Buildings in Naples
Building name Address Total Sqft Year built
Poinciana Professional Park 2600 Golden Gate Pkwy, 34105 132,500 1984
704 & 708 Goodlette-Frank Road 708 Goodlette-Frank Road, 34102 87,396 2004
The Northern Trust Building 4001 9th Street North, 34103 78,102 1990
Bank of America Center 4501 Tamiami Trail North, 34103 77,765 1985
Naples Community Hospital - Medical Plaza 311 9th Street North, 34102 76,722 2003
1333 3rd Avenue South 1333 3rd Avenue South, 34102 72,120 1997
Colonial Square Office Park 1008 Goodlette-Frank Road North, 34102 66,231 1992
Collier Place I & II 3001 Tamiami Trail North, 34103 61,745 1974
2150 Goodlette Road North 2150 Goodlette Road North, 34105 61,278 1991
Moorings Professional Building 2335 Tamiami Trail North, 34103 59,638 1984
Largest Office Properties Recently Completed in Naples
Office building Address Sqft Completed
Eagle View Professional Park - Units 2 & 3 2500 Goodlette-Frank Road, 34103 34,066 2020
625 Tamiami Trail North 625 Tamiami Trail North, 34102 32,262 2009
Eagle View Professional Park - 2400, 2450 & 2550 Goodlette-Frank Road 2400 Goodlette-Frank Road, 34103 35,450 2007
704 & 708 Goodlette-Frank Road 708 Goodlette-Frank Road, 34102 87,396 2004
Naples Community Hospital - Medical Plaza 311 9th Street North, 34102 76,722 2003
Capital Bank Building 599 9th Street North, 34102 35,288 2002
Brennan Medical Building 730 Goodlette-Frank Road North, 34102 41,554 2000
1333 3rd Avenue South 1333 3rd Avenue South, 34102 72,120 1997
Regions Bank Building 4851 Tamiami Trail North, 34103 51,350 1997
The Ingram Building 720 5th Avenue South, 34102 36,815 1997
Data provided by Commercial Edge

Office Spaces for Rent in Florida

NAPLES OFFICE SALES TRENDS

  • $267.192019 Avg. Price per Sqft
  • 154.18 %Y-o-Y Avg. PpSF Change
  • $49.7M2019 Office Sales Volume
  • 42019 Number of Transactions

In 2019, office sales in Naples averaged $267.19 per square foot. This marked a 154.18 % increase in office price per square foot, compared to the previous year. A total of 4 office sales closed on the Naples office market in 2019, amounting to a total sales volume of $49.7M.

Average Office Sale Price per Sqft

Naples, FL Sales Trends

  • Naples Price per Sqft$267.19
  • Florida Price per Sqft$190.50

Office Sales - Trend and Volume

  • Naples, FL Total Office Sales Volume in 2019 $49.7M
  • Naples, FL Total Number of Office Sales Closed in 2019 4

Largest Naples Office Sales in 2019

Property name Address Date Price
Newgate Center 5200 Tamiami Trail North 5/14/2019 $28,611,000
Collier Place I & II 3001 Tamiami Trail North 5/16/2019 $12,850,000
Agostino's Village Square 3060 Tamiami Trail North 5/21/2019 $7,025,000
Data provided by Commercial Edge

See trends for nearby markets

The Naples office market contains an inventory of 4,337,698 square feet of office space, in 193 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Naples 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.