Santa Clara Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $48.72 2023 Avg. Asking Rent
  • -1.90% Y-o-Y Avg. Asking Rent Change
  • 24.43% 2023 Office Vacancy Rate
  • $383M2023 Total Office Sales
  • $501.10Avg. Sale Price/SF

Santa Clara office price per square foot in 2023 was $48.72 on average. This marked a -1.90% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 24.43% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $383M. Santa Clara office space commanded an average sale price per square foot of $501.10.

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

  • Santa Clara Class A & A+ Office Space$55.10
  • Santa Clara Class B Office Space$37.98
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Santa Clara, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Santa Clara

Submarket Asking Rents Vacancy Rates
Cupertino $65.47 7.70%
Santa Clara - North $49.40 37.74%
Sunnyvale - East $43.53 2.06%
Santa Clara - South $40.82 9.14%
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 Clara market was 24.43% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Santa Clara was 2.06% in the Sunnyvale - East submarket, while the highest office vacancy in the market was 37.74%, recorded in Santa Clara - North.

Office Spaces for Rent in California

Santa Clara Office Sale Price per SF

  • $501.102023 Avg. Price per SF
  • -17.90%Y-o-Y Avg. PpSF Change
  • $383M2023 Office Sales Volume
  • 52023 Number of Transactions

Santa Clara, CA Sale Price per SF Trend

  • Santa Clara Avg. Sale Price per SF in 2023$501.10
  • California Avg. Sale Price per SF in 2023$256.51
Santa Clara office space cost in 2023 marked a -17.90% change compared to the previous year. The sale price for office space in Santa Clara averaged $501.10 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 Clara, CA Total Office Sales Volume in 2023 $383M
  • Santa Clara, CA Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Santa Clara office market in 2023, adding up to a yearly sales volume of $383M. Notably, the largest transaction on the market saw Campus @ 3333 - Building D, The change hands for $182,500,000 on 6/15/2023.
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Santa Clara, CA

  • Santa Clara, CA Total SF completed in 2023 108,000
  • Santa Clara, CA Total SF under construction in 2024 486,000

During 2023, 108,000 square feet of new office space were delivered across the market. At the close of 2023, the Santa Clara office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 108,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 486,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Santa Clara
Office building Address SF Completed
Stevens Creek Boulevard Office Campus - 5407 Stevens Creek Blvd 5407 Stevens Creek Blvd, 95014 108,000 2023
Lawrence Station 3655 Kifer Road, 95051 173,472 2021
Mission City Center 2390 Mission College Blvd-Bldg 1, 95054 152,311 2018
Santa Clara Square - Phase II 2565 Augustine Dr - Bldg 1, 95054 220,156 2017
Santa Clara Square - East Side Campus V 2445 Augustine Drive, 95054 220,156 2017
1600 Duane Ave 1600 Duane Ave, 95054 36,000 2017
Santa Clara Square - Phase II 2445 Augustine Dr - Bldg 5, 95054 220,156 2016
Santa Clara Square - West Side Campus II 2755 Augustine Drive, 95054 235,108 2015
Santa Clara Square - West Side Campus III 2625 Augustine Drive, 95054 177,384 2015
3600 Peterson Way 3600 Peterson Way, 95054 75,841 2015

Worth noting among recent office completions on the Santa Clara market is Stevens Creek Boulevard Office Campus - 5407 Stevens Creek Blvd, which is currently the largest new office development in the city, at 108,000 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 Santa Clara 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.