Santa Ana Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.83 2023 Avg. Asking Rent
  • 3.74% Y-o-Y Avg. Asking Rent Change
  • 24.91% 2023 Office Vacancy Rate
  • $165.5M2023 Total Office Sales
  • $144.21Avg. Sale Price/SF

Santa Ana office price per square foot in 2023 was $28.83 on average. This marked a +3.74% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 24.91% across all asset classes combined. The 7 transactions that closed here throughout 2023 amounted to a total sale volume of $165.5M. Santa Ana office space commanded an average sale price per square foot of $144.21.

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

Santa Ana, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Santa Ana

Submarket Asking Rents Vacancy Rates
South Coast Metro $34.68 23.11%
St. Joseph Center $32.81 16.31%
Irvine Business Complex $32.25 16.00%
Tustin $30.08 22.22%
Santa Ana $27.48 15.02%
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 Santa Ana market was 24.91% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Santa Ana was 15.02% in the Santa Ana submarket, while the highest office vacancy in the market was 23.11%, recorded in South Coast Metro.

Office Spaces for Rent in California

Santa Ana Office Sale Price per SF

  • $144.212023 Avg. Price per SF
  • -15.30%Y-o-Y Avg. PpSF Change
  • $165.5M2023 Office Sales Volume
  • 72023 Number of Transactions

Santa Ana, CA Sale Price per SF Trend

  • Santa Ana Avg. Sale Price per SF in 2023$144.21
  • California Avg. Sale Price per SF in 2023$256.51
Santa Ana office space cost in 2023 marked a -15.30% change compared to the previous year. The sale price for office space in Santa Ana averaged $144.21 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

  • Santa Ana, CA Total Office Sales Volume in 2023 $165.5M
  • Santa Ana, CA Total Number of Office Sales Closed in 2023 7
A total of 7 deals closed on the Santa Ana office market in 2023, adding up to a yearly sales volume of $165.5M. Notably, the largest transaction on the market saw 3 Hutton Centre Drive change hands for $28,900,000 on 11/30/2023.
Data provided by Commercial Edge

Coworking Spaces in California

Largest Office Properties Recently Completed in Santa Ana
Office building Address SF Completed
Rafferty 401 North Main Street, 92701 12,700 2024
Parkcenter Plaza 601 North Parkcenter Drive, 92705 29,439 2012
MacArthur Place 1 MacArthur Pl., 92707 208,256 2001
3601 West Sunflower Avenue 3601 West Sunflower Avenue, 92704 53,484 2000
3 MacArthur Place 3 MacArthur Place, 92707 246,763 1999
Red Hill Technology Center 2850 South Red Hill Avenue, 92705 94,705 1999
Lake Center - 3120 West Lake Center Drive 3120 West Lake Center Drive, 92704 60,634 1995
Lake Center - 3100 West Lake Center Drive 3100 West Lake Center Drive, 92704 60,462 1995
Tustin Centre I 1551 North Tustin Avenue, 92705 196,458 1991
Alton Deere Plaza 1920 East Deere Avenue, 92705 182,030 1990

Worth noting among recent office completions on the Santa Ana market is Rafferty, which is currently the largest new office development in the city, at 12,700 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 Santa Ana 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.