Spokane Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $20.16 2020 Avg. Asking Rent
  • 6.96% 2020 Office Vacancy Rate
  • $10.1M2020 Total Office Sales
  • $89.40Avg. Sale Price/SF

Spokane office price per square foot in 2020 was $20.16 on average. The local office market recorded an average vacancy rate of 6.96% across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $10.1M. Spokane office space commanded an average sale price per square foot of $89.40.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Spokane Class A Office Space$21.83
  • Spokane Class B Office Space$18.78
  • Washington Class A Office Space$45.83
  • Washington Class B Office Space$28.37
  • Washington Class C Office Space$19.66

Spokane, WA Office Asking Rents by Class

2020 Office Vacancy Rates in Spokane

Submarket Asking Rents Vacancy Rates
Spokane CBD $20.59 10.32%
Northeast $19.62 3.76%
Spokane Valley $16.99 4.46%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Spokane market was 6.96% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Spokane was 3.76% in the Northeast submarket, while the highest office vacancy in the market was 10.32%, recorded in Spokane CBD.

Office Spaces for Rent in Washington

Spokane Office Sale Price per SF

  • $89.402020 Avg. Price per SF
  • 16.82%Y-o-Y Avg. PpSF Change
  • $10.1M2020 Office Sales Volume
  • 32020 Number of Transactions

Spokane, WA Sale Price per SF Trend

  • Spokane Avg. Sale Price per SF in 2020$89.40
  • Washington Avg. Sale Price per SF in 2020$632.69
Spokane office space cost in 2020 marked a +16.82% change compared to the previous year. The sale price for office space in Spokane averaged $89.40 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

  • Spokane, WA Total Office Sales Volume in 2020 $10.1M
  • Spokane, WA Total Number of Office Sales Closed in 2020 3
A total of 3 deals closed on the Spokane office market in 2020, adding up to a yearly sales volume of $10.1M. Notably, the largest transaction on the market saw Franklin Park Medical Center change hands for $6,850,000 on 4/24/2020.

Largest Spokane Office Sales in 2020

Property name Address Date Price
Franklin Park Medical Center 220 East Rowan Avenue 4/24/2020 $6,850,000
726 West Riverside Avenue & 108 North Post Street 726 West Riverside Avenue 1/9/2020 $2,000,000
1425 North Washington Street 1425 North Washington Street 7/31/2020 $1,200,000
Data provided by Commercial Edge

2020 Office Construction in Spokane, WA

  • Spokane, WA Total SF completed in 2020 159,000

During 2020, 159,000 square feet of new office space were delivered across the market. At the close of 2020, the Spokane office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 159,000 square feet of office space.

Largest Office Properties Recently Completed in Spokane
Office building Address SF Completed
Catalyst Building 601 East Riverside Avenue, 99202 159,000 2020
The Morris Center 12 North Sheridan Street, 99202 36,532 2020
Wonder Spokane 865 North Post Street, 99201 112,513 2018
9911 North Nevada Street 9911 North Nevada Street, 99218 48,000 2015
116 West Pacific Avenue 116 West Pacific Avenue, 99201 29,832 2015
Iron Bridge Office Campus VI 629 North Iron Court, 99202 35,000 2012
SIERR Building at McKinstry Station 850 East Spokane Falls Blvd, 99202 69,745 2011
2020 East 29th Avenue 2020 East 29th Avenue, 99203 35,000 2010
427 South Bernard Street 427 South Bernard Street, 99204 44,200 2009
Iron Bridge III 714 North Iron Bridge Way, 99202 42,000 2009

Worth noting among recent office completions on the Spokane market is Catalyst Building, which is currently the largest new office development in the city, at 159,000 square feet.

Data provided by Commercial Edge

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 Spokane 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.