Sacramento Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $26.20 2023 Avg. Asking Rent
  • -1.45% Y-o-Y Avg. Asking Rent Change
  • 19.65% 2023 Office Vacancy Rate
  • $126.8M2023 Total Office Sales
  • $142.78Avg. Sale Price/SF

Sacramento office price per square foot in 2023 was $26.20 on average. This marked a -1.45% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.65% across all asset classes combined. The 17 transactions that closed here throughout 2023 amounted to a total sale volume of $126.8M. Sacramento office space commanded an average sale price per square foot of $142.78.

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

  • Sacramento Class A & A+ Office Space$36.07
  • Sacramento Class B Office Space$23.54
  • Sacramento Class C Office Space$20.22
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Sacramento, CA Office Asking Rents by Class

Average office rent in Sacramento rested at $26.20 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Sacramento averaged $36.07 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.54 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.22 per square foot, on average. Comparably, statewide California average office rents by class in 2023 were: $56.30 per square foot for class A office space; $37.45 per square foot for class B office space; $44.91 per square foot for class C office space.

2023 Office Vacancy Rates in Sacramento

Submarket Asking Rents Vacancy Rates
Downtown $38.58 20.55%
Midtown $31.38 9.62%
East Sacramento $27.38 13.23%
North Sacramento $23.82 24.34%
Highway 50 Corridor $22.49 30.13%
Point West $20.44 18.71%
South Sacramento $18.25 7.82%
Carmichael - Fair Oaks $18.21 27.29%
North Highlands $17.40 19.88%
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 Sacramento market was 19.65% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Sacramento was 7.82% in the South Sacramento submarket, while the highest office vacancy in the market was 30.13%, recorded in Highway 50 Corridor.

Office Spaces for Rent in California

Sacramento Office Sale Price per SF

  • $142.782023 Avg. Price per SF
  • -14.54%Y-o-Y Avg. PpSF Change
  • $126.8M2023 Office Sales Volume
  • 172023 Number of Transactions

Sacramento, CA Sale Price per SF Trend

  • Sacramento Avg. Sale Price per SF in 2023$142.78
  • California Avg. Sale Price per SF in 2023$256.51
Sacramento office space cost in 2023 marked a -14.54% change compared to the previous year. The sale price for office space in Sacramento averaged $142.78 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

  • Sacramento, CA Total Office Sales Volume in 2023 $126.8M
  • Sacramento, CA Total Number of Office Sales Closed in 2023 17
A total of 17 deals closed on the Sacramento office market in 2023, adding up to a yearly sales volume of $126.8M. Notably, the largest transaction on the market saw 827 7th Street change hands for $18,500,000 on 8/2/2023.

Largest Sacramento Office Sales in 2023

Property name Address Date Price
827 7th Street 827 7th Street 8/2/2023 $18,500,000
Hale's Building, The 831 K Street 12/28/2023 $18,500,000
6760-6820 Stockton Blvd 6760 Stockton Blvd 4/26/2023 $13,250,000
2288 Auburn Blvd 2288 Auburn Blvd 8/9/2023 $10,475,000
Midtown Building, The 1507 21st Street 10/19/2023 $9,400,000
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Sacramento, CA

  • Sacramento, CA Total SF under construction in 2024 1,332,000
Largest Office Properties Recently Completed in Sacramento
Office building Address SF Completed
4124 East Commerce Way 4124 East Commerce Way, 95834 20,000 2023
4124 East Commerce Way 4124 East Commerce Way, 95834 20,000 2023
Buildings A & B 4151-4191 E Commerce Way, 517,000 2021
660J 660 J Street, 95814 127,800 2021
2599 Arena Blvd 2599 Arena Blvd, 95834 113,000 2020
Innovate Corporate Center 2599 Arena Boulevard, 95834 110,000 2020
2599 Arena Blvd 2599 Arena Blvd, 95834 85,000 2020
River Plaza Office Building 2600 River Plaza Drive, 95833 60,000 2019
Office at The Ice Blocks 1610 R Street, 95811 171,924 2018
8670 Fruitridge Road 8670 Fruitridge Road, 95826 243,675 2017

Worth noting among recent office completions on the Sacramento market is 4124 East Commerce Way, which is currently the largest new office development in the city, at 20,000 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 Sacramento 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.