Berkeley Office Rent Price & Sales Report

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.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • 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%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Berkeley market was 13.49% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Berkeley was 8.55% in the Berkeley - West submarket, while the highest office vacancy in the market was 17.46%, recorded in Berkeley - Central.

Office Spaces for Rent in California

Coworking Spaces in California

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.

Largest Office Properties Recently Completed in Berkeley
Office building Address SF Completed
theLAB Berkeley 2222 5th Street, 94710 292,977 2023
2120 Berkeley Way 2120 Berkeley Way, 94704 45,471 2019
Berkeley Way West 1919 Shattuck Ave, 94704 16,980 2018
800 Bancroft Way 800 Bancroft Way, 94710 22,322 2008
Aquatic Park Center - 725 Potter Street 725 Potter Street, 94710 81,500 2002
2930 Shattuck Avenue 2930 Shattuck Ave, 94705 7,056 1998
2041 Bancroft Way 2041 Bancroft Way, 94704 25,662 1991
The Mill Building - 2001 Addison St. 2001 Addison St., 94704 29,526 1985
The Mill Building - 2001 Addison St. 2001 Addison St., 94704 29,526 1985
Huntmont Medical Building 2999 Regent Street, 94705 61,331 1978

Worth noting among recent office completions on the Berkeley market is theLAB Berkeley, which is currently the largest new office development in the city, at 292,977 square feet.

Data provided by Commercial Edge

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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.