Costa Mesa Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $34.66 2023 Avg. Asking Rent
  • 19.52% 2023 Office Vacancy Rate
  • $106.8M2023 Total Office Sales
  • $184.00Avg. Sale Price/SF

Costa Mesa office price per square foot in 2023 was $34.66 on average. The local office market recorded an average vacancy rate of 19.52% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $106.8M. Costa Mesa office space commanded an average sale price per square foot of $184.00.

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

  • Costa Mesa Class A & A+ Office Space$36.01
  • Costa Mesa Class B Office Space$32.70
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Costa Mesa, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Costa Mesa

Submarket Asking Rents Vacancy Rates
Newport Center $52.29 6.93%
Costa Mesa $39.13 34.23%
South Coast Metro $34.68 23.11%
John Wayne Airport $34.45 20.16%
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 Costa Mesa market was 19.52% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Costa Mesa was 6.93% in the Newport Center submarket, while the highest office vacancy in the market was 34.23%, recorded in Costa Mesa.

Office Spaces for Rent in California

Costa Mesa Office Sale Price per SF

  • $184.002023 Avg. Price per SF
  • -41.10%Y-o-Y Avg. PpSF Change
  • $106.8M2023 Office Sales Volume
  • 52023 Number of Transactions

Costa Mesa, CA Sale Price per SF Trend

  • Costa Mesa Avg. Sale Price per SF in 2023$184.00
  • California Avg. Sale Price per SF in 2023$256.51
Costa Mesa office space cost in 2023 marked a -41.10% change compared to the previous year. The sale price for office space in Costa Mesa averaged $184.00 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $256.51 per square foot.

2023 Office Sales Volume

  • Costa Mesa, CA Total Office Sales Volume in 2023 $106.8M
  • Costa Mesa, CA Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Costa Mesa office market in 2023, adding up to a yearly sales volume of $106.8M. Notably, the largest transaction on the market saw Canvas North change hands for $38,500,000 on 7/12/2023.
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Costa Mesa, CA

  • Costa Mesa, CA Total SF completed in 2023 190,000

During 2023, 190,000 square feet of new office space were delivered across the market. At the close of 2023, the Costa Mesa office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 190,000 square feet of office space.

Largest Office Properties Recently Completed in Costa Mesa
Office building Address SF Completed
Pacific Medical Plaza 1640 Newport Boulevard, 92627 76,880 2007
3185, 3187 & 3189 Pullman Street 3185, 3187 & 3189 Pullman Street, 92626 26,495 2005
3185, 3187 & 3189 Pullman Street 3185, 3187 & 3189 Pullman Street, 92626 26,495 2005
Hive - Buildings A & B 3333 South Susan Street, 92626 82,158 2004
Plaza Tower 600 Anton Blvd., 92626 456,384 1991
Metro Pointe Business Center - 959 South Coast Drive 959 South Coast Drive, 92626 82,875 1990
Canvas South - 3090 Bristol Street 3090 Bristol Street, 92626 121,692 1989
Canvas North 3100 Bristol Street, 92626 166,887 1987
3525 Hyland Avenue, Ste. 130 3525 Hyland Avenue, Ste. 130, 92626 46,960 1987
3555 Harbor Gateway South 3555 Harbor Gateway South, 92626 14,635 1987

Worth noting among recent office completions on the Costa Mesa market is Pacific Medical Plaza, which is currently the largest new office development in the city, at 76,880 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 Costa Mesa 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.