Santa Monica Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $64.94 2023 Avg. Asking Rent
  • 21.27% 2023 Office Vacancy Rate
  • $341.4M2023 Total Office Sales
  • $694.90Avg. Sale Price/SF

Santa Monica office price per square foot in 2023 was $64.94 on average. The local office market recorded an average vacancy rate of 21.27% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $341.4M. Santa Monica office space commanded an average sale price per square foot of $694.90.

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 Monica Class A & A+ Office Space$98.12
  • Santa Monica Class B Office Space$60.28
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Santa Monica, CA Office Asking Rents by Class

Office Spaces for Rent in California

Santa Monica Office Sale Price per SF

  • $694.902023 Avg. Price per SF
  • 8.68%Y-o-Y Avg. PpSF Change
  • $341.4M2023 Office Sales Volume
  • 62023 Number of Transactions

Santa Monica, CA Sale Price per SF Trend

  • Santa Monica Avg. Sale Price per SF in 2023$694.90
  • California Avg. Sale Price per SF in 2023$256.51
Santa Monica office space cost in 2023 marked a +8.68% change compared to the previous year. The sale price for office space in Santa Monica averaged $694.90 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 Monica, CA Total Office Sales Volume in 2023 $341.4M
  • Santa Monica, CA Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Santa Monica office market in 2023, adding up to a yearly sales volume of $341.4M. Notably, the largest transaction on the market saw Pier Point Pacific change hands for $86,680,000 on 12/18/2023.
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Santa Monica, CA

  • Santa Monica, CA Total SF under construction in 2024 69,011
Largest Office Properties Recently Completed in Santa Monica
Office building Address SF Completed
1650 Euclid Street 1650 Euclid Street, 90404 65,398 2024
The Mark 302 302 Colorado Avenue, 90401 107,435 2020
3205 Pico Blvd. 3205 Pico Blvd., 90405 4,838 2020
Santa Monica Gateway 2834 Colorado Avenue, 90404 205,215 2017
Pen Factory - West Building 2701 Olympic Blvd, 90404 132,200 2017
2450 Colorado Avenue 2450 Colorado Avenue, 90404 277,914 2000
900 Wilshire Blvd 900 Wilshire Blvd, 90401 33,455 1997
321 Santa Monica Blvd 321 Santa Monica Blvd, 90401 11,800 1997
1341-1351 4th Street 1341 4th Street, 90401 32,317 1995
1402 Wilshire Blvd 1402 Wilshire Blvd, 90403 8,389 1995

Worth noting among recent office completions on the Santa Monica market is 1650 Euclid Street, which is currently the largest new office development in the city, at 65,398 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 Monica 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.