Novato Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $31.54 2023 Avg. Asking Rent
  • -0.21% Y-o-Y Avg. Asking Rent Change
  • 26.44% 2023 Office Vacancy Rate
  • $15M2023 Total Office Sales
  • $132.83Avg. Sale Price/SF

Novato office price per square foot in 2023 was $31.54 on average. This marked a -0.21% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 26.44% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $15M. Novato office space commanded an average sale price per square foot of $132.83.

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

Novato, CA Office Asking Rents by Class

Office Spaces for Rent in California

Novato Office Sale Price per SF

  • $132.832023 Avg. Price per SF
  • -47.69%Y-o-Y Avg. PpSF Change
  • $15M2023 Office Sales Volume
  • 32023 Number of Transactions

Novato, CA Sale Price per SF Trend

  • Novato Avg. Sale Price per SF in 2023$132.83
  • California Avg. Sale Price per SF in 2023$256.51
Novato office space cost in 2023 marked a -47.69% change compared to the previous year. The sale price for office space in Novato averaged $132.83 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

  • Novato, CA Total Office Sales Volume in 2023 $15M
  • Novato, CA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Novato office market in 2023, adding up to a yearly sales volume of $15M. Notably, the largest transaction on the market saw North Bay Center change hands for $5,400,000 on 12/1/2023.
Data provided by Commercial Edge

Coworking Spaces in California

Largest Office Properties Recently Completed in Novato
Office building Address SF Completed
Hanna Ranch Building A 5400 Hanna Ranch Rd. (A), 94945 21,908 2021
7533 Redwood Boulevard 7533 Redwood Blvd, 94945 1,318 2021
Woodside Office Center 7250 Redwood Blvd, 94945 90,214 2002
Marin Business Center 100 Wood Hollow Dr, 94945 130,062 2001
Rowland Plaza 75 Rowland Way, 94945 143,444 1995
100 Rowland Wy 100 Rowland Wy, 94945 52,000 1995
101 Rowland Wy 101 Rowland Wy, 94949 62,239 1994
Pell Plaza 504 Redwood Blvd., 94949 95,000 1991
Pell Plaza 500 Redwood Blvd, 94945 69,680 1991
7200 Redwood Blvd 7200 Redwood Blvd, 94945 54,777 1989

Worth noting among recent office completions on the Novato market is Hanna Ranch Building A, which is currently the largest new office development in the city, at 21,908 square feet.

Data provided by Commercial Edge

See reports for other markets

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 Novato 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.