2020 Office Space Rent & Sales
- $23.87 2020 Avg. Asking Rent
- 3.84% Y-o-Y Avg. Asking Rent Change
- 6.11% 2020 Office Vacancy Rate
Vancouver office price per square foot in 2020 was $23.87 on average. This marked a +3.84% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 6.11% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Vancouver Class A Office Space$26.90
- Vancouver Class B Office Space$24.43
- Vancouver Class C Office Space$20.87
- Washington Class A Office Space$45.83
- Washington Class B Office Space$28.37
- Washington Class C Office Space$19.66
Vancouver, WA Office Asking Rents by Class
Average office rent in Vancouver rested at $23.87 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 Vancouver averaged $26.90 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.43 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.87 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 Vancouver, WA
- Vancouver, WA Total SF completed in 2020 32,500
During 2020, 32,500 square feet of new office space were delivered across the market. At the close of 2020, the Vancouver office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 32,500 square feet of office space.
|Block 10||815 Columbia Street, 98660||89,100||2022|
|Columbia Tech Center - Building 687||18405 SE Mill Plain Blvd, 98683||29,041||2021|
|Hurley Tower||275 West 3rd Street, 95660||32,500||2020|
|Vancouver Clinic||4500 SE Columbia Palisades Drive, 98607||26,400||2020|
|Columbia Tech Center - 18105 SE Mill Plain Blvd||18105 SE Mill Plain Blvd, 98683||77,181||2019|
|Columbia Tech Center - Building 49||17801 SE 6th Way, 98683||35,200||2017|
|The Hudson Building||101 East 6th Street, 98660||48,000||2016|
|Columbia Tech Center - 18101 SE 6th Way||18101 SE 6th Way, 98683||206,000||2015|
|800 NE 136th Avenue||800 NE 136th Avenue, 98684||81,600||2014|
|Columbia Tech Center - Building 51||17750 SE 6th Way, 98683||51,822||2012|
Worth noting among recent office completions on the Vancouver market is Block 10, which is currently the largest new office development in the city, at 89,100 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 Vancouver 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.