2023 Office Space Rent & Sales
- $28.23 2023 Avg. Asking Rent
- 4.73% 2023 Office Vacancy Rate
Riverside office price per square foot in 2023 was $28.23 on average. The local office market recorded an average vacancy rate of 4.73% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Riverside Class A & A+ Office Space$28.70
- Riverside Class B Office Space$28.45
- Riverside Class C Office Space$24.05
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Riverside, CA Office Asking Rents by Class
Average office rent in Riverside rested at $28.23 per square foot in 2023. 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 Riverside averaged $28.70 per square foot. Across all submarkets, class B office space recorded an average asking rent of $28.45 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $24.05 per square foot, on average. Comparably, statewide California average office rents by class in 2023 were: $56.30 per square foot for class A office space; $37.45 per square foot for class B office space; $44.91 per square foot for class C office space.
2023 Office Vacancy Rates in Riverside
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Riverside | $28.23 | 5.02% |
Moreno Valley | $26.40 | 5.63% |
Coworking Spaces in California
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2023 Office Construction in Riverside, CA
Office building | Address | SF | Completed |
---|---|---|---|
Citrus Tower | 3390 University Ave., 92507 | 137,122 | 2012 |
Mission Grove Corporate Plaza - Building C | 7894 Mission Grove Pky. S., 92508 | 41,000 | 2009 |
Towers at Riverwalk | 4204 Riverwalk Pky., 92505 | 96,824 | 2008 |
Towers at Riverwalk | 4210 Riverwalk Pky., 92505 | 96,824 | 2008 |
Building 3 | 1450 Iowa Ave., 92507 | 55,253 | 2007 |
Building 1 | 1500 Iowa Ave., 92507 | 50,055 | 2007 |
Turner Riverwalk - Building 36 | 11801 Pierce St., 92505 | 40,361 | 2007 |
Mission Grove Corporate Plaza - Building E | 7880 Mission Grove Pky. S., 92508 | 32,000 | 2007 |
Buildings 7 & 8 | 19314 Jesse Ln., 92508 | 17,263 | 2007 |
Buildings 3 & 4 | 19340 Jesse Ln., 92508 | 13,626 | 2007 |
Worth noting among recent office completions on the Riverside market is Citrus Tower, which is currently the largest new office development in the city, at 137,122 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 Riverside 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.