Highlights
- The average rent for office space in Olympia is $21.32 per square foot, 2.70% lower compared to the previous year.
- The market’s vacancy rate stands at 11.38%, lower than the state average of Washington, which is 19.08%.
2025 Office Space Rent & Sales
- $21.32 2025 Avg. Asking Rent
- -2.70% Y-o-Y Avg. Asking Rent Change
- 11.38% 2025 Office Vacancy Rate
What is the average asking rent price for office space in Olympia?
Average asking rents for office space here stand at $21.32 per square foot. The local office market recorded an average vacancy rate of 11.38% in 2025, unchanged from 11.38% in 2024.
Olympia, WA Office Asking Rents by Class
What is the average office rent per square foot by property class in WA?
- Avg. Asking Rent Class A & A+$41.77
- Avg. Asking Rent Class B$29.03
- Avg. Asking Rent Class C$21.15
For comparison, the average rent for Class A and A+ office space in Washington was $41.77 per square foot. The state-wide average for Class B space was $29.03 per square foot, and Class C office spaces averaged $21.15 per square foot.
Office Construction in Olympia, WA
What are the largest recent office completions in Olympia?
The largest recent office completion here is Pacific Cataract & Laser Institute at 111,949 square feet, completed in 2009. The next largest completions are 128 10th Ave SW and Market Centre.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 115 Eastside St NE | 115 Eastside St NE, 98506 | 4,648 | 2013 |
| Pacific Cataract & Laser Institute | 115 New View CT NE, 98506 | 111,949 | 2009 |
| Smyth Landing | 1801 W Bay Dr NW, 98502 | 23,557 | 2007 |
| 2114 Caton Way SW | 2114 Caton Way SW, 98502 | 8,784 | 2007 |
| 1115 West Bay Drive NW | 1115 West Bay Drive NW, 98502 | 35,651 | 2006 |
| 615 Lilly Road NE | 615 Lilly Road NE, 98506 | 44,408 | 2005 |
| Lilly Road Medical Office Building | 615 Lilly Road NE, 98506 | 43,440 | 2005 |
| 324 W Bay Dr NW | 324 W Bay Dr NW, 98502 | 15,929 | 2004 |
| Market Centre | 111 Market Street NE, 98501 | 45,687 | 2001 |
| 128 10th Ave SW | 128 10th Ave SW, 98501 | 54,455 | 2000 |
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
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.