Sunnyvale Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $82.35 2023 Avg. Asking Rent
  • 18.44% 2023 Office Vacancy Rate
  • $80.5M2023 Total Office Sales
  • $547.75Avg. Sale Price/SF

Sunnyvale office price per square foot in 2023 was $82.35 on average. The local office market recorded an average vacancy rate of 18.44% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $80.5M. Sunnyvale office space commanded an average sale price per square foot of $547.75.

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

  • Sunnyvale Class A & A+ Office Space$87.37
  • Sunnyvale Class B Office Space$54.86
  • Sunnyvale Class C Office Space$32.59
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Sunnyvale, CA Office Asking Rents by Class

Average office rent in Sunnyvale rested at $82.35 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Sunnyvale averaged $87.37 per square foot. Across all submarkets, class B office space recorded an average asking rent of $54.86 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $32.59 per square foot, on average. Comparably, statewide California average office rents by class in 2023 were: $56.30 per square foot for class A office space; $37.45 per square foot for class B office space; $44.91 per square foot for class C office space.

2023 Office Vacancy Rates in Sunnyvale

Submarket Asking Rents Vacancy Rates
Sunnyvale - West $86.89 20.22%
Los Altos $50.73 12.89%
Sunnyvale - East $43.53 2.06%
Santa Clara - South $40.82 9.14%
Sunnyvale - North $36.01 23.99%
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 Sunnyvale market was 18.44% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Sunnyvale was 2.06% in the Sunnyvale - East submarket, while the highest office vacancy in the market was 23.99%, recorded in Sunnyvale - North.

Office Spaces for Rent in California

Sunnyvale Office Sale Price per SF

  • $547.752023 Avg. Price per SF
  • -40.19%Y-o-Y Avg. PpSF Change
  • $80.5M2023 Office Sales Volume
  • 32023 Number of Transactions

Sunnyvale, CA Sale Price per SF Trend

  • Sunnyvale Avg. Sale Price per SF in 2023$547.75
  • California Avg. Sale Price per SF in 2023$256.51
Sunnyvale office space cost in 2023 marked a -40.19% change compared to the previous year. The sale price for office space in Sunnyvale averaged $547.75 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

  • Sunnyvale, CA Total Office Sales Volume in 2023 $80.5M
  • Sunnyvale, CA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Sunnyvale office market in 2023, adding up to a yearly sales volume of $80.5M. Notably, the largest transaction on the market saw 825 Stewart Drive change hands for $41,000,000 on 8/28/2023.
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Sunnyvale, CA

  • Sunnyvale, CA Total SF completed in 2023 263,552
  • Sunnyvale, CA Total SF under construction in 2024 2,769,745

During 2023, 263,552 square feet of new office space were delivered across the market. At the close of 2023, the Sunnyvale office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 263,552 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 2,769,745 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Sunnyvale
Office building Address SF Completed
Cityline Innovate - 250 Washington Street 250 West Washington Avenue, 94086 315,285 2024
Cityline Innovate - 200 Washington Street 200 West Washington Avenue, 94086 305,429 2024
100 Altair Way 100 Altair Way, 94086 180,417 2023
Central Station 285 Sobrante Way, 94086 125,100 2021
Pathline Park - Bldgs 9-10, Portfolio 625 Mary Ave & 925 W Maude Ave, 94086 242,400 2020
Pathline Park - Building 10 625 Mary Ave, W., 94086 121,200 2020
Pathline Park - Building 10 625 North Mary Avenue, 94085 121,200 2020
Pathline Park - Building 9 925 Maude Ave, W., 94086 121,000 2020
The Grove 223 Mathilda Ave, N., 94086 154,987 2018
Moffett Gateway Business Park 1225 Crossman Avenue, 94089 600,000 2016

Worth noting among recent office completions on the Sunnyvale market is Cityline Innovate - 250 Washington Street, which is currently the largest new office development in the city, at 315,285 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 Sunnyvale 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.