Irvine Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $34.67 2023 Avg. Asking Rent
  • 0.35% Y-o-Y Avg. Asking Rent Change
  • 14.58% 2023 Office Vacancy Rate
  • $283.7M2023 Total Office Sales
  • $257.67Avg. Sale Price/SF

Irvine office price per square foot in 2023 was $34.67 on average. This marked a +0.35% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.58% across all asset classes combined. The 13 transactions that closed here throughout 2023 amounted to a total sale volume of $283.7M. Irvine office space commanded an average sale price per square foot of $257.67.

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

  • Irvine Class A & A+ Office Space$35.26
  • Irvine Class B Office Space$34.25
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Irvine, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Irvine

Submarket Asking Rents Vacancy Rates
Irvine $36.62 17.74%
University of California Irvine $35.22 6.97%
Irvine Spectrum $34.83 9.64%
John Wayne Airport $34.45 20.16%
Irvine Business Complex $32.25 16.00%
Laguna Woods $30.48 14.55%
Laguna Hills $28.36 18.08%
Lake Forest $26.77 18.97%
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 Irvine market was 14.58% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Irvine was 6.97% in the University of California Irvine submarket, while the highest office vacancy in the market was 20.16%, recorded in John Wayne Airport.

Office Spaces for Rent in California

Irvine Office Sale Price per SF

  • $257.672023 Avg. Price per SF
  • -44.63%Y-o-Y Avg. PpSF Change
  • $283.7M2023 Office Sales Volume
  • 132023 Number of Transactions

Irvine, CA Sale Price per SF Trend

  • Irvine Avg. Sale Price per SF in 2023$257.67
  • California Avg. Sale Price per SF in 2023$256.51
Irvine office space cost in 2023 marked a -44.63% change compared to the previous year. The sale price for office space in Irvine averaged $257.67 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

  • Irvine, CA Total Office Sales Volume in 2023 $283.7M
  • Irvine, CA Total Number of Office Sales Closed in 2023 13
A total of 13 deals closed on the Irvine office market in 2023, adding up to a yearly sales volume of $283.7M. Notably, the largest transaction on the market saw Irvine Concourse - 2050 Main Street change hands for $57,500,000 on 10/2/2023.

Largest Irvine Office Sales in 2023

Property name Address Date Price
Irvine Concourse - 2050 Main Street 2050 Main Street 10/2/2023 $57,500,000
16752 Armstrong Avenue 16752 Armstrong Avenue 1/6/2023 $40,000,000
Main Corporate Center - 17900 17900 Von Karman Avenue 5/24/2023 $16,900,000
Pacifica Corporate Center 108 Pacifica 10/27/2023 $13,900,000
8 Hughes 8 Hughes 4/17/2023 $11,866,000
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Irvine, CA

Largest Office Properties Recently Completed in Irvine
Office building Address SF Completed
Spectrum Terrace - 17700 Laguna Canyon Road 17700 Laguna Canyon Road, 92603 115,293 2022
Innovation Office Park 150 Progress, 92618 293,179 2020
The Quad @ Discovery Park 500 Technology Drive, 92618 369,600 2019
Discovery Park - 525 Technology Drive 525 Technology Drive, 92618 105,600 2019
Discovery Park - 505 Technology Drive 505 Technology Drive, 92618 79,200 2019
Broadcom / FivePoint 15101 Alton Pkwy., 92618 287,726 2018
Five Point Gateway - 15101 & 15191 Alton Pkwy 15101 Alton Pkwy, 92618 660,893 2017
The Boardwalk 18691 Jamboree Road, 92612 547,300 2017
400 Spectrum Center 400 Spectrum Center Drive, 92618 426,000 2017
Sand Canyon Business Center - Building II 15495 Sand Canyon Avenue, 92618 105,600 2017

Worth noting among recent office completions on the Irvine market is Spectrum Terrace - 17700 Laguna Canyon Road, which is currently the largest new office development in the city, at 115,293 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 Irvine 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.