Menlo Park Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $111.56 2023 Avg. Asking Rent
  • 19.80% 2023 Office Vacancy Rate

Menlo Park office price per square foot in 2023 was $111.56 on average. The local office market recorded an average vacancy rate of 19.80% across all asset classes combined.

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

  • Menlo Park Class A & A+ Office Space$134.74
  • Menlo Park Class B Office Space$98.82
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Menlo Park, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Menlo Park

Submarket Asking Rents Vacancy Rates
Menlo Park $112.41 23.22%
Redwood City $83.59 39.32%
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 Menlo Park market was 19.80% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Menlo Park was 23.22% in the Menlo Park submarket, while the highest office vacancy in the market was 39.32%, recorded in Redwood City.

Office Spaces for Rent in California

Coworking Spaces in California

2023 Office Construction in Menlo Park, CA

  • Menlo Park, CA Total SF completed in 2023 162,419
  • Menlo Park, CA Total SF under construction in 2024 255,600

During 2023, 162,419 square feet of new office space were delivered across the market. At the close of 2023, the Menlo Park office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 162,419 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 255,600 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Menlo Park
Office building Address SF Completed
Middle Plaza - 300 El Camino Real 300 El Camino Real, 94025 93,000 2023
Middle Plaza 300 El Camino Real, 94025 92,000 2022
Middle Plaza 200 El Camino Real, 33,907 2022
The Offices at Springline North 1300 El Camino Real, 94025 167,647 2021
1540 El Camino Real 1540 El Camino Real, 94025 48,003 2021
506-556 Santa Cruz Avenue 506 Santa Cruz Avenue, 94025 42,330 2020
3295 El Camino Real 3295 El Camino Real, 94027 8,600 2020
Menlo Gateway - 100 Independence Drive 100 Independence Drive, 94025 210,298 2017
Commonwealth Corporate Center I 162 Jefferson Drive, 94025 129,960 2016
Commonwealth Corporate Center II 164 Jefferson Drive, 94025 129,960 2016

Worth noting among recent office completions on the Menlo Park market is Middle Plaza - 300 El Camino Real, which is currently the largest new office development in the city, at 93,000 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 Menlo Park 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.