2020 Office Space Rent & Sales
- $25.46 2020 Avg. Asking Rent
- -3.21% Y-o-Y Avg. Asking Rent Change
- 6.49% 2020 Office Vacancy Rate
Tacoma office price per square foot in 2020 was $25.46 on average. This marked a -3.21% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 6.49% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Tacoma Class A Office Space$28.14
- Tacoma Class B Office Space$25.23
- Tacoma Class C Office Space$23.64
- Washington Class A Office Space$45.83
- Washington Class B Office Space$28.37
- Washington Class C Office Space$19.66
Tacoma, WA Office Asking Rents by Class
Average office rent in Tacoma rested at $25.46 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Tacoma averaged $28.14 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.23 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $23.64 per square foot, on average. Comparably, statewide Washington average office rents by class in 2020 were: $45.83 per square foot for class A office space; $28.37 per square foot for class B office space; $19.66 per square foot for class C office space.
2020 Office Construction in Tacoma, WA
- Tacoma, 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 Tacoma office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
|Tacoma Armory||1001 South Yakima Avenue, 98405||60,852||2018|
|CHC Hilltop Regional Health Center||1202 Martin Luther King, Jr. Way, 98405||54,000||2013|
|CHI Franciscan St. Joseph Medical Center - Franciscan Medical Building||1608 South J Street, 98405||129,870||2012|
|Foremost Building||2413 Pacific Avenue, 98402||26,500||2010|
|Kimi and George Tanbara, MD Health Center||1708 East 44th Street, 98404||38,777||2009|
|Centre Square Professional Building||5006 Center Street, 98409||26,317||2008|
|6044 Tacoma Mall Blvd||6044 Tacoma Mall Blvd, 98409||25,929||2008|
|MultiCare Allenmore Hospital - Building C||3124 South 19th Street, 98405||65,832||2007|
|3615 Pacific Avenue||3615 Pacific Avenue, 98418||81,117||2005|
|CHI Franciscan St. Joseph Medical Center - Outpatient Center||1617 South J Street, 98405||78,230||2004|
Worth noting among recent office completions on the Tacoma market is Tacoma Armory, which is currently the largest new office development in the city, at 60,852 square feet.
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 Tacoma 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.