San Mateo Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $63.68 2023 Avg. Asking Rent
  • 23.00% 2023 Office Vacancy Rate

San Mateo office price per square foot in 2023 was $63.68 on average. The local office market recorded an average vacancy rate of 23.00% 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

  • San Mateo Class A & A+ Office Space$79.42
  • San Mateo Class B Office Space$51.97
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

San Mateo, CA Office Asking Rents by Class

2023 Office Vacancy Rates in San Mateo

Submarket Asking Rents Vacancy Rates
Foster City $66.06 14.89%
San Mateo $63.68 23.25%
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 San Mateo market was 23.00% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in San Mateo was 14.89% in the Foster City submarket, while the highest office vacancy in the market was 23.25%, recorded in San Mateo.

Office Spaces for Rent in California

Coworking Spaces in California

2023 Office Construction in San Mateo, CA

  • San Mateo, CA Total SF completed in 2023 283,554

During 2023, 283,554 square feet of new office space were delivered across the market. At the close of 2023, the San Mateo office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 283,554 square feet of office space.

Largest Office Properties Recently Completed in San Mateo
Office building Address SF Completed
Parallel on Third 401 East 3rd Avenue, 94401 116,122 2022
Franklin Campus II Bldg 2 1 Franklin Pkwy Phase II Bldg 930, 129,353 2019
Bay Meadows - Station 3 2950 South Delaware Street, 94403 174,000 2017
Bay Meadows - Station 3 2950 Delaware St, S., 94403 174,000 2016
3 East 3rd Avenue 3 East 3rd Avenue, 94401 29,059 2016
Park Place at Bay Meadows - 1100 Park Place 1100 Park Place, 94403 127,633 2003
Parkside Towers 1001 East Hillsdale Blvd, 94404 399,590 2001
Parkside Towers 1001-1051 Hillsdale Blvd, E., 94404 399,590 2000
De Ritz Plaza 1528 El Camino Real, S., 94402 65,000 1999
1840 Gateway 1840 Gateway Dr, 94402 68,490 1997

Worth noting among recent office completions on the San Mateo market is Parallel on Third, which is currently the largest new office development in the city, at 116,122 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 San Mateo 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.