2023 Office Space Rent & Sales
- $87.75 2023 Avg. Asking Rent
- 24.43% 2023 Office Vacancy Rate
Palo Alto office price per square foot in 2023 was $87.75 on average. The local office market recorded an average vacancy rate of 24.43% 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
- Palo Alto Class A & A+ Office Space$99.00
- Palo Alto Class B Office Space$75.44
- California Class A & A+ Office Space$56.30
- California Class B Office Space$37.45
- California Class C Office Space$44.91
Palo Alto, CA Office Asking Rents by Class
Office Spaces for Rent in California
Coworking Spaces in California
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2023 Office Construction in Palo Alto, CA
- Palo Alto, CA Total SF completed in 2023 36,098
During 2023, 36,098 square feet of new office space were delivered across the market. At the close of 2023, the Palo Alto office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 36,098 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 585 Hamilton Avenue | 585 Hamilton Avenue, 94301 | 8,513 | 2022 |
| 3223 Hanover - Building II | 3223 Hanover Street, 94304 | 72,662 | 2021 |
| 3223 Hanover - Building I | 3223 Hanover Street, 94304 | 119,700 | 2020 |
| 2172 Staunton Ct | 2172 Staunton Ct, 94306 | 884 | 2019 |
| 425 Page Mill Road | 425 Page Mill Road, 94306 | 36,948 | 2018 |
| 2555 Park Blvd | 2555 Park Blvd, 94306 | 29,989 | 2018 |
| 425 Page Mill Road | 425 Page Mill Road, 94306 | 20,072 | 2018 |
| Stanford Research Park - 1450 Page Mill Road | 1450 Page Mill Road, 94304 | 77,634 | 2017 |
| 2100 El Camino Real | 2100 El Camino Real, 94306 | 70,816 | 2017 |
| Foundation Capital | 135 Hamilton Avenue, 94301 | 28,085 | 2016 |
Worth noting among recent office completions on the Palo Alto market is 585 Hamilton Avenue, which is currently the largest new office development in the city, at 8,513 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 Palo Alto 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.