2023 Office Space Rent & Sales
- $36.65 2023 Avg. Asking Rent
- 13.49% 2023 Office Vacancy Rate
Berkeley office price per square foot in 2023 was $36.65 on average. The local office market recorded an average vacancy rate of 13.49% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Berkeley Class B Office Space$35.95
- Berkeley Class C Office Space$42.00
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Berkeley, CA Office Asking Rents by Class
2023 Office Vacancy Rates in Berkeley
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Berkeley - Central | $41.19 | 17.46% |
Berkeley - West | $30.00 | 8.55% |
Coworking Spaces in California
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2023 Office Construction in Berkeley, CA
- Berkeley, CA Total SF completed in 2023 118,239
- Berkeley, CA Total SF under construction in 2024 538,826
During 2023, 118,239 square feet of new office space were delivered across the market. At the close of 2023, the Berkeley office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 118,239 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 538,826 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
813 Folger Ave | 813 Folger Ave, 94710 | 1,070 | 2020 |
811 Folger Ave | 811 Folger Ave, 94710 | 1,015 | 2020 |
2120 Berkeley Way | 2120 Berkeley Way, 94704 | 45,471 | 2019 |
Berkeley Way West | 1919 Shattuck Ave, 94704 | 16,980 | 2018 |
807 Folger Ave | 807 Folger Ave, 94710 | 1,350 | 2008 |
2332 4th Street & 710 Bancroft Way | 2332 4th Street, 94710 | 32,778 | 2007 |
Aquatic Park Center - 725 Potter Street | 725 Potter Street, 94710 | 75,000 | 2002 |
2930 Shattuck Avenue | 2930 Shattuck Ave, 94705 | 7,056 | 1998 |
2041 Bancroft Way | 2041 Bancroft Way, 94704 | 25,662 | 1991 |
ELS Building | 2030 Addison St., 94704 | 38,745 | 1987 |
Worth noting among recent office completions on the Berkeley market is 813 Folger Ave, which is currently the largest new office development in the city, at 1,070 square feet.
See reports for other markets
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Berkeley 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.