Garden Grove Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $26.88 2023 Avg. Asking Rent
  • 2.80% Y-o-Y Avg. Asking Rent Change
  • 9.49% 2023 Office Vacancy Rate
  • $29.9M2023 Total Office Sales
  • $194.19Avg. Sale Price/SF

Garden Grove office price per square foot in 2023 was $26.88 on average. This marked a +2.80% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.49% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $29.9M. Garden Grove office space commanded an average sale price per square foot of $194.19.

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

Garden Grove, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Garden Grove

Submarket Asking Rents Vacancy Rates
Cypress $30.72 3.60%
Anaheim Resort $28.84 25.08%
Garden Grove $24.99 6.26%
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 Garden Grove market was 9.49% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Garden Grove was 3.60% in the Cypress submarket, while the highest office vacancy in the market was 25.08%, recorded in Anaheim Resort.

Office Spaces for Rent in California

Garden Grove Office Sale Price per SF

  • $194.192023 Avg. Price per SF
  • -30.87%Y-o-Y Avg. PpSF Change
  • $29.9M2023 Office Sales Volume
  • 32023 Number of Transactions

Garden Grove, CA Sale Price per SF Trend

  • Garden Grove Avg. Sale Price per SF in 2023$194.19
  • California Avg. Sale Price per SF in 2023$256.51
Garden Grove office space cost in 2023 marked a -30.87% change compared to the previous year. The sale price for office space in Garden Grove averaged $194.19 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

  • Garden Grove, CA Total Office Sales Volume in 2023 $29.9M
  • Garden Grove, CA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Garden Grove office market in 2023, adding up to a yearly sales volume of $29.9M. Notably, the largest transaction on the market saw 12966 Euclid Street change hands for $12,120,500 on 11/30/2023.
Data provided by Commercial Edge

Coworking Spaces in California

Largest Office Properties Recently Completed in Garden Grove
Office building Address SF Completed
12966 Euclid Street 12966 Euclid Street, 92840 64,800 1987
Euclid Business Center 10862 Capital Avenue, 92843 156,727 1986
9140 Trask Ave 9140 Trask Ave, 92844 12,118 1986
CityView Plaza 12361 Lewis Street, 92840 148,214 1984
Garden Grove Medical Building 12555 Garden Grove Blvd., 92843 54,632 1983
Garden Grove Medical Plaza 12555 Garden Grove Blvd., 92843 54,632 1983
Beach Executive Plaza 12235 Beach Blvd, 92841 38,126 1981
Beach Executive Plaza 12235 Beach Blvd, 92841 37,080 1981
Cedargrove Business Park 13311 Garden Grove Blvd, 92843 79,926 1976
11556-11590 Trask Avenue 11556-11590 Trask Avenue, 92843 35,084 1974

Worth noting among recent office completions on the Garden Grove market is 12966 Euclid Street, which is currently the largest new office development in the city, at 64,800 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 Garden Grove 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.