2023 Office Space Rent & Sales
- $82.53 2023 Avg. Asking Rent
- -4.30% Y-o-Y Avg. Asking Rent Change
- 28.47% 2023 Office Vacancy Rate
Redwood City office price per square foot in 2023 was $82.53 on average. This marked a -4.30% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 28.47% 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
- Redwood City Class A & A+ Office Space$86.59
- Redwood City Class B Office Space$73.06
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Redwood City, CA Office Asking Rents by Class
2023 Office Vacancy Rates in Redwood City
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Redwood City | $83.59 | 39.32% |
| Redwood Shores | $81.97 | 13.78% |
Office Spaces for Rent in California
Coworking Spaces in California
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2023 Office Construction in Redwood City, CA
- Redwood City, CA Total SF under construction in 2024 234,000
| Office building | Address | SF | Completed |
|---|---|---|---|
| 610 Walnut | 610 Walnut Street, 94063 | 70,443 | 2022 |
| Broadway Station | 2075 Broadway, 94063 | 114,859 | 2020 |
| 550 Allerton | 550 Allerton Street, 94063 | 78,765 | 2018 |
| 889 Winslow Street | 889 Winslow Street, 94063 | 67,417 | 2018 |
| 603 Jefferson | 603 Jefferson, 94063 | 8,070 | 2018 |
| Crossing 900 - 900 Middlefield | 900 Middlefield Road, 94063 | 119,505 | 2015 |
| 2114 Broadway | 2114 Broadway, 94063 | 12,789 | 2014 |
| On Broadway | 825 Middlefield Road, 94063 | 145,000 | 2006 |
| RWC Technology Station | 500 Arguello Street, 94063 | 102,000 | 2002 |
| Towers at Shores Center - 203 | 203 Redwood Shores Pkwy, 94065 | 195,000 | 2001 |
Worth noting among recent office completions on the Redwood City market is 610 Walnut, which is currently the largest new office development in the city, at 70,443 square feet.
See reports for other markets
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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 Redwood City 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.