Salem Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $24.79 2024 Avg. Asking Rent
  • 11.28% 2024 Office Vacancy Rate

Salem office price per square foot in 2024 was $24.79 on average. The local office market recorded an average vacancy rate of 11.28% across all asset classes combined.

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

  • Oregon Class A & A+ Office Space$33.32
  • Oregon Class B Office Space$25.72
  • Oregon Class C Office Space$18.77

Salem, OR Office Asking Rents by Class

2024 Office Vacancy Rates in Salem

Submarket Asking Rents Vacancy Rates
Salem - South $30.19 30.71%
Salem - Central $26.14 9.60%
Salem - Southeast $24.86 11.05%
Salem - North $21.00 7.93%
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 Salem market was 11.28% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Salem was 7.93% in the Salem - North submarket, while the highest office vacancy in the market was 30.71%, recorded in Salem - South.

Office Spaces for Rent in Oregon

Coworking Spaces in Oregon

2024 Office Construction in Salem, OR

Largest Office Properties Recently Completed in Salem
Office building Address SF Completed
New Build Office Suites 835 Commercial St SE, 97302 14,447 2024
WaterPlace 500 Liberty Street SE, Suite 400, 97301 41,400 2010
The Meridian 777 Commercial Street SE, 97301 52,000 2009
Riverside Professional Building 2925 River Rd S, 97302 22,024 2008
Riverside Professional Building 2925 River Rd S, 97302 22,024 2008
Creekside Corporate Center - Building 680 680 Hawthorne Avenue Southeast, 97301 18,521 2008
Creekside Corporate Center - Building 680 680 Hawthorne Avenue Southeast, 97301 18,521 2008
1715 Capitol St NE 1715 Capitol St NE, 97301 2,330 2008
1184 Mcgee Court Northeast 1184 Mcgee Court Northeast, 97303 7,330 2007
Trademark Professional Center 1174 Cornucopia Street Northwest, 97304 17,338 2006

Worth noting among recent office completions on the Salem market is New Build Office Suites, which is currently the largest new office development in the city, at 14,447 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 Salem 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.