2023 Office Space Rent & Sales
- $82.35 2023 Avg. Asking Rent
- 18.44% 2023 Office Vacancy Rate
- $80.5M2023 Total Office Sales
- $547.75Avg. Sale Price/SF
Sunnyvale office price per square foot in 2023 was $82.35 on average. The local office market recorded an average vacancy rate of 18.44% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $80.5M. Sunnyvale office space commanded an average sale price per square foot of $547.75.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Sunnyvale Class A & A+ Office Space$87.37
- Sunnyvale Class B Office Space$54.86
- Sunnyvale Class C Office Space$32.59
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Sunnyvale, CA Office Asking Rents by Class
Average office rent in Sunnyvale rested at $82.35 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 Sunnyvale averaged $87.37 per square foot. Across all submarkets, class B office space recorded an average asking rent of $54.86 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $32.59 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 Sunnyvale
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Sunnyvale - West | $86.89 | 20.22% |
Los Altos | $50.73 | 12.89% |
Sunnyvale - East | $43.53 | 2.06% |
Santa Clara - South | $40.82 | 9.14% |
Sunnyvale - North | $36.01 | 23.99% |
Sunnyvale Office Sale Price per SF
- $547.752023 Avg. Price per SF
- -40.19%Y-o-Y Avg. PpSF Change
- $80.5M2023 Office Sales Volume
- 32023 Number of Transactions
Sunnyvale, CA Sale Price per SF Trend
- Sunnyvale Avg. Sale Price per SF in 2023$547.75
- California Avg. Sale Price per SF in 2023$256.51
2023 Office Sales Volume
- Sunnyvale, CA Total Office Sales Volume in 2023 $80.5M
- Sunnyvale, CA Total Number of Office Sales Closed in 2023 3
Coworking Spaces in California
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2023 Office Construction in Sunnyvale, CA
- Sunnyvale, CA Total SF completed in 2023 263,552
- Sunnyvale, CA Total SF under construction in 2024 2,769,745
During 2023, 263,552 square feet of new office space were delivered across the market. At the close of 2023, the Sunnyvale office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 263,552 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 2,769,745 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Cityline Innovate - 250 Washington Street | 250 West Washington Avenue, 94086 | 312,443 | 2024 |
Cityline Innovate - 200 Washington Street | 200 West Washington Avenue, 94086 | 305,429 | 2024 |
Central Station | 285 Sobrante Way, 94086 | 125,100 | 2021 |
The Grove | 223 Mathilda Ave, N., 94086 | 154,987 | 2018 |
815 W Maude Ave | 815 W Maude Ave, 94085 | 23,240 | 2016 |
815 W Maude Ave | 815 W Maude Ave, 94085 | 23,240 | 2016 |
Crossman Campus - 1395 Crossman Avenue | 1395 Crossman Avenue, 94089 | 189,944 | 2012 |
250 South Mathilda Avenue | 250 South Mathilda Avenue, 94086 | 156,960 | 2011 |
Crossman Campus - 1375 Crossman Avenue | 1375 Crossman Avenue, 94089 | 192,479 | 2009 |
Moffett Towers | 1000-1050 Enterprise Way, Portfolio, | 950,936 | 2008 |
Worth noting among recent office completions on the Sunnyvale market is Cityline Innovate - 250 Washington Street, which is currently the largest new office development in the city, at 312,443 square feet.
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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 Sunnyvale 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.