Kirkland Office Market Trends

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)
In 2019, the average asking rent for office space in Kirkland was $43.70 per square foot, and the office vacancy rate across the market averaged 7.63 %. During 2019, developers added 402,248 square feet of new office space to the Kirkland market inventory. Office developments estimated for delivery during 2020 total 300,420 square feet.

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
10 Largest Office Buildings in Kirkland
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
Largest Office Properties Recently Completed in Kirkland
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
Data provided by Commercial Edge

Office Spaces for Rent in Washington

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
Data provided by Commercial Edge

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.