Long Beach Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $26.56 2023 Avg. Asking Rent
  • 3.02% Y-o-Y Avg. Asking Rent Change
  • 8.97% 2023 Office Vacancy Rate
  • $81.1M2023 Total Office Sales
  • $318.98Avg. Sale Price/SF

Long Beach office price per square foot in 2023 was $26.56 on average. This marked a +3.02% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 8.97% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $81.1M. Long Beach office space commanded an average sale price per square foot of $318.98.

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

Long Beach, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Long Beach

Submarket Asking Rents Vacancy Rates
Long Beach $27.87 11.59%
Carson $26.50 6.62%
Long Beach - Downtown $25.71 7.69%
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 Long Beach market was 8.97% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Long Beach was 6.62% in the Carson submarket, while the highest office vacancy in the market was 11.59%, recorded in Long Beach.

Office Spaces for Rent in California

Long Beach Office Sale Price per SF

  • $318.982023 Avg. Price per SF
  • 37.74%Y-o-Y Avg. PpSF Change
  • $81.1M2023 Office Sales Volume
  • 32023 Number of Transactions

Long Beach, CA Sale Price per SF Trend

  • Long Beach Avg. Sale Price per SF in 2023$318.98
  • California Avg. Sale Price per SF in 2023$256.51
Long Beach office space cost in 2023 marked a +37.74% change compared to the previous year. The sale price for office space in Long Beach averaged $318.98 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

  • Long Beach, CA Total Office Sales Volume in 2023 $81.1M
  • Long Beach, CA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Long Beach office market in 2023, adding up to a yearly sales volume of $81.1M. Notably, the largest transaction on the market saw Union Bank Building change hands for $35,000,000 on 6/23/2023.
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Long Beach, CA

  • Long Beach, CA Total SF completed in 2023 27,664
  • Long Beach, CA Total SF under construction in 2024 33,341

During 2023, 27,664 square feet of new office space were delivered across the market. At the close of 2023, the Long Beach office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 27,664 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 33,341 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Long Beach
Office building Address SF Completed
Airway Office Park, Building 2 3810 Stineman Ct, 90808 33,126 2023
Airway Office Park, Building 2 3810 Stineman Ct, 90808 33,126 2023
Building #1 3816 Stineman Ct, 90808 27,460 2023
Building #1 3816 Stineman Ct, 90808 27,460 2023
1836-1852 Locust Ave - Vistas Del Puerto 1836-1852 Locust Ave - Vistas Del Puerto, 90806 50,000 2021
3750 Schaufele Suite 270 3750 Schaufele Suite 270, 90808 3,850 2009
3918 Long Beach Blvd 3918 Long Beach Blvd, 90807 19,642 2005
Kilroy Airport Center - 3800 Kilroy Airport Way 3800 Kilroy Airport Way, 90806 192,476 2000
111 West Ocean Blvd 111 West Ocean Blvd, 90802 462,183 1990
3780 Kilroy Airport Way 3780 Kilroy Airport Way, 90806 219,745 1989

Worth noting among recent office completions on the Long Beach market is Airway Office Park, Building 2, which is currently the largest new office development in the city, at 33,126 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 Long Beach 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.