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)
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 % |
- 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
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 |
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 |
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 |
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.