Lakewood Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $22.19 2020 Avg. Asking Rent
  • 1.58% Y-o-Y Avg. Asking Rent Change
  • 3.74% 2020 Office Vacancy Rate
  • $32.1M2020 Total Office Sales
  • $159.62Avg. Sale Price/SF

Lakewood office price per square foot in 2020 was $22.19 on average. This marked a +1.58% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 3.74% across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $32.1M. Lakewood office space commanded an average sale price per square foot of $159.62.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Lakewood Class B Office Space$29.95
  • Lakewood Class C Office Space$19.28
  • Washington Class A Office Space$45.83
  • Washington Class B Office Space$28.37
  • Washington Class C Office Space$19.66

Lakewood, WA Office Asking Rents by Class

Lakewood Office Sale Price per SF

  • $159.622020 Avg. Price per SF
  • -30.51%Y-o-Y Avg. PpSF Change
  • $32.1M2020 Office Sales Volume
  • 32020 Number of Transactions

Lakewood, WA Sale Price per SF Trend

  • Lakewood Avg. Sale Price per SF in 2020$159.62
  • Washington Avg. Sale Price per SF in 2020$632.69
Lakewood office space cost in 2020 marked a -30.51% change compared to the previous year. The sale price for office space in Lakewood averaged $159.62 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Washington average office sale price during the same time period was $632.69 per square foot.

2020 Office Sales Volume

  • Lakewood, WA Total Office Sales Volume in 2020 $32.1M
  • Lakewood, WA Total Number of Office Sales Closed in 2020 3
A total of 3 deals closed on the Lakewood office market in 2020, adding up to a yearly sales volume of $32.1M. Notably, the largest transaction on the market saw Lakewood Business Park change hands for $18,231,250 on 12/7/2020.

Largest Lakewood Office Sales in 2020

Property name Address Date Price
Lakewood Business Park 10107 South Tacoma Way 12/7/2020 $18,231,250
Lakewood Office Building 5712 Main Street SW 10/22/2020 $11,350,000
Perkins II Building 10116 South Tacoma Way 7/28/2020 $2,500,000
Data provided by Commercial Edge

2020 Office Construction in Lakewood, WA

  • Lakewood, WA Total SF completed in 2020

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Lakewood office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.

Largest Office Properties Recently Completed in Lakewood
Office building Address SF Completed
3720 96th Street SW 3720 96th Street SW, 98499 25,621 2008
Lakewood Office Building 5712 Main Street SW, 98499 39,694 2007
9611 Gravelly Lake Drive SW 9611 Gravelly Lake Drive SW, 98499 27,541 2007
CHI Franciscan St. Clare Hospital - Specialty Center 11307 Bridgeport Way SW, 98499 50,000 2005
Bridgeport Medical Center 7308 Bridgeport Way West, 98499 31,074 2004
9330 59th Avenue SW 9330 59th Avenue SW, 98499 54,365 1996
5210 74th Street West 5210 74th Street West, 98499 43,920 1996
CHI Franciscan St. Clare Hospital - Medical Pavilion 11311 Bridgeport Way SW, 98499 38,151 1988
Perkins II Building 10116 South Tacoma Way, 98499 31,940 1985
10510 Gravelly Lake Drive SW 10510 Gravelly Lake Drive SW, 98499 29,450 1980

Worth noting among recent office completions on the Lakewood market is 3720 96th Street SW, which is currently the largest new office development in the city, at 25,621 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Lakewood 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.