Office Rental Market
- $43.70 2019 Avg. Asking Rent
- 7.63 % 2019 Avg. Vacancy Rate
- 402,248 2019 Office Completions (Sqft)
- 300,420 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Kirkland Class A Office Buildings$47.49
- Kirkland Class B Office Buildings$37.17
- WA Class A Office Buildings$47.13
- WA Class B Office Buildings$28.76
- WA Class C Office Buildings$19.66
Kirkland, WA Office Asking Rents by Class
OFFICE CONSTRUCTION IN Kirkland, WA
- Kirkland, WA Total Sqft completed in 2019 402,248
- Kirkland, WA Total Sqft under construction in 2020 300,420
Building name | Address | Total Sqft | Year built |
---|---|---|---|
12950 141st Avenue NE | 12950 141st Avenue NE, 98034 | 98,238 | 2008 |
11533 NE 118th Street | 11533 NE 118th Street, 98034 | 29,876 | 1990 |
1410 Market St | 1410 Market St, 98033 | 8,880 | 1981 |
229 8th Street South | 229 8th Street South, 98033 | 35,233 | 2021 |
12735 Willows Rd NE | 12735 Willows Rd NE, 98034 | 6,670 | 1990 |
12735 Willows Rd NE | 12735 Willows Rd NE, 98034 | 6,670 | 1990 |
12006 98th Ave NE | 12006 98th Ave NE, 98034 | 13,229 | 1985 |
9720 NE 120th Pl | 9720 NE 120th Pl, 98034 | 47,729 | 1998 |
11814 115th Ave NE | 11814 115th Ave NE, 98034 | 19,283 | 1989 |
Office building | Address | Sqft | Completed |
---|---|---|---|
12950 141st Avenue NE | 12950 141st Avenue NE, 98034 | 98,238 | 2008 |
11533 NE 118th Street | 11533 NE 118th Street, 98034 | 29,876 | 1990 |
KIRKLAND OFFICE SALES TRENDS
- $415.692019 Avg. Price per Sqft
- -13.70 %Y-o-Y Avg. PpSF Change
- $610.7M2019 Office Sales Volume
- 62019 Number of Transactions
In 2019, office sales in Kirkland averaged $415.69 per square foot. This marked a -13.70 % decrease in office price per square foot, compared to the previous year. A total of 6 office sales closed on the Kirkland office market in 2019, amounting to a total sales volume of $610.7M.
Average Office Sale Price per Sqft
Kirkland, WA Sales Trends
- Kirkland Price per Sqft$415.69
- Washington Price per Sqft$524.95
Office Sales - Trend and Volume
- Kirkland, WA Total Office Sales Volume in 2019 $610.7M
- Kirkland, WA Total Number of Office Sales Closed in 2019 6
Largest Kirkland Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
Kirkland Urban Central | 457 Central Way | 9/30/2019 | $240,528,200 |
Kirkland Urban North | 457 Central Way | 9/30/2019 | $195,171,800 |
Lake Washington Park | 5808 Lake Washington Blvd NE | 3/18/2019 | $53,000,000 |
Crown Pointe | 4020 Lake Washington Blvd NE | 9/19/2019 | $47,750,000 |
Kirkland 405 Corporate Center - Building A-1 & A-2 | 11410 NE 122nd Way | 2/20/2019 | $35,748,500 |
See trends for nearby markets
The Kirkland office market contains an inventory of 3,969,638 square feet of office space, in 76 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 Kirkland 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.