Newport Beach Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $41.57 2023 Avg. Asking Rent
  • 4.66% Y-o-Y Avg. Asking Rent Change
  • 14.01% 2023 Office Vacancy Rate
  • $69.4M2023 Total Office Sales
  • $351.97Avg. Sale Price/SF

Newport Beach office price per square foot in 2023 was $41.57 on average. This marked a +4.66% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.01% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $69.4M. Newport Beach office space commanded an average sale price per square foot of $351.97.

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

  • Newport Beach Class A & A+ Office Space$52.94
  • Newport Beach Class B Office Space$33.02
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Newport Beach, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Newport Beach

Submarket Asking Rents Vacancy Rates
Newport Center $52.29 6.93%
Costa Mesa $39.13 34.23%
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 Newport Beach market was 14.01% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Newport Beach 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

Newport Beach Office Sale Price per SF

  • $351.972023 Avg. Price per SF
  • $69.4M2023 Office Sales Volume
  • 32023 Number of Transactions

Newport Beach, CA Sale Price per SF Trend

  • Newport Beach Avg. Sale Price per SF in 2023$351.97
  • California Avg. Sale Price per SF in 2023$256.51
The sale price for office space in Newport Beach averaged $351.97 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

  • Newport Beach, CA Total Office Sales Volume in 2023 $69.4M
  • Newport Beach, CA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Newport Beach office market in 2023, adding up to a yearly sales volume of $69.4M. Notably, the largest transaction on the market saw 1201 Dove Street change hands for $30,500,000 on 5/1/2023.
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Newport Beach, CA

Largest Office Properties Recently Completed in Newport Beach
Office building Address SF Completed
20 Corporate Plaza Dr 20 Corporate Plaza Dr, 92660 5,000 2015
520 Newport Center Drive 520 Newport Center Drive, 92660 326,000 2014
680 Newport Center Drive 680 Newport Center Drive, 92660 55,065 2005
20162 SW Birch Street 20162 SW Birch Street, 92660 31,186 2004
20280 Acacia St. 20280 Acacia St., 92660 27,369 2003
Bayview Business Park 20401 SW Birch Street, 92660 101,569 2001
Newport Plaza 895 Dove Street, 92660 107,472 2000
888 San Clemente 888 San Clemente Drive, 92660 98,247 2000
Corporate Plaza West - 1400 & 1600 Newport Center Drive 1400 Newport Center Drive, 92660 91,417 1999
Corporate Plaza West - 1200 Newport Center Drive 1200 Newport Center Drive, 92660 51,214 1999

Worth noting among recent office completions on the Newport Beach market is 20 Corporate Plaza Dr, which is currently the largest new office development in the city, at 5,000 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 Newport 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.