Olympia Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $21.42 2022 Avg. Asking Rent
  • 4.72% 2022 Office Vacancy Rate
  • $29.7M2022 Total Office Sales
  • $180.20Avg. Sale Price/SF

Olympia office price per square foot in 2022 was $21.42 on average. The local office market recorded an average vacancy rate of 4.72% across all asset classes combined. The 3 transactions that closed here throughout 2022 amounted to a total sale volume of $29.7M. Olympia office space commanded an average sale price per square foot of $180.20.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Olympia Class B Office Space$20.94
  • Olympia Class C Office Space$25.57
  • Washington Class A & A+ Office Space$47.56
  • Washington Class B Office Space$30.70
  • Washington Class C Office Space$21.02

Olympia, WA Office Asking Rents by Class

Office Spaces for Rent in Washington

Olympia Office Sale Price per SF

  • $180.202022 Avg. Price per SF
  • 39.53%Y-o-Y Avg. PpSF Change
  • $29.7M2022 Office Sales Volume
  • 32022 Number of Transactions

Olympia, WA Sale Price per SF Trend

  • Olympia Avg. Sale Price per SF in 2022$180.20
  • Washington Avg. Sale Price per SF in 2022$429.34
Olympia office space cost in 2022 marked a +39.53% change compared to the previous year. The sale price for office space in Olympia averaged $180.20 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Washington average office sale price during the same time period was $429.34 per square foot.

2022 Office Sales Volume

  • Olympia, WA Total Office Sales Volume in 2022 $29.7M
  • Olympia, WA Total Number of Office Sales Closed in 2022 3
A total of 3 deals closed on the Olympia office market in 2022, adding up to a yearly sales volume of $29.7M. Notably, the largest transaction on the market saw Eastside Plaza - 1112 & 1206 Quince Street change hands for $14,099,860 on 1/3/2022.

Largest Olympia Office Sales in 2022

Property name Address Date Price
Eastside Plaza - 1112 & 1206 Quince Street 1112 Quince Street SE 1/3/2022 $14,099,860
Eastside Plaza - 1102 & 1300 Quince Street SE 1300 Quince Street SE 1/3/2022 $9,149,857
3200 Sunset Way SE 3200 Sunset Way SE 5/31/2022 $6,499,857
Data provided by Commercial Edge

Coworking Spaces in Washington

2022 Office Construction in Olympia, WA

Largest Office Properties Recently Completed in Olympia
Office building Address SF Completed
Smyth Landing 1801 West Bay Drive, 98502 23,557 2007
Lilly Road Professional Center 128 Lilly Road NE, 98506 29,112 2006
1115 West Bay Drive NW 1115 West Bay Drive NW, 98502 25,440 2006
Market Centre 111 Market Street NE, 98501 48,888 2001
Market Place Office Building 724 Columbia Street NW, 98501 47,740 1998
1601 Cooper Point Rd NW 1601 Cooper Point Rd NW, 98502 4,064 1993
1603 Cooper Point Rd NW 1603 Cooper Point Rd NW, 98502 4,058 1993
2404 & 2424 Heritage Court SW 2404 Heritage Court SW, 98502 35,696 1992
State Avenue Office Building 1226 State Ave NE, 98506 2,267 1990
2420 & 2424 Bristol Court SW 2420 Bristol Court SW, 98502 35,696 1989

Worth noting among recent office completions on the Olympia market is Smyth Landing, which is currently the largest new office development in the city, at 23,557 square feet.

Data provided by Commercial Edge

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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Olympia 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.