Torrance Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $36.61 2023 Avg. Asking Rent
  • -1.86% Y-o-Y Avg. Asking Rent Change
  • 13.25% 2023 Office Vacancy Rate
  • $59.1M2023 Total Office Sales
  • $241.26Avg. Sale Price/SF

Torrance office price per square foot in 2023 was $36.61 on average. This marked a -1.86% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.25% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $59.1M. Torrance office space commanded an average sale price per square foot of $241.26.

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

Torrance, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Torrance

Submarket Asking Rents Vacancy Rates
South Bay $36.61 13.18%
190th Street Corridor $31.20 4.77%
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 Torrance market was 13.25% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Torrance was 4.77% in the 190th Street Corridor submarket, while the highest office vacancy in the market was 13.18%, recorded in South Bay.

Office Spaces for Rent in California

Torrance Office Sale Price per SF

  • $241.262023 Avg. Price per SF
  • -19.81%Y-o-Y Avg. PpSF Change
  • $59.1M2023 Office Sales Volume
  • 42023 Number of Transactions

Torrance, CA Sale Price per SF Trend

  • Torrance Avg. Sale Price per SF in 2023$241.26
  • California Avg. Sale Price per SF in 2023$256.51
Torrance office space cost in 2023 marked a -19.81% change compared to the previous year. The sale price for office space in Torrance averaged $241.26 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

  • Torrance, CA Total Office Sales Volume in 2023 $59.1M
  • Torrance, CA Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Torrance office market in 2023, adding up to a yearly sales volume of $59.1M. Notably, the largest transaction on the market saw Maritz Building change hands for $20,100,000 on 5/19/2023.
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Torrance, CA

Largest Office Properties Recently Completed in Torrance
Office building Address SF Completed
78 West 1978 W Carson St, 90501 46,631 2022
22719 Hawthorne Boulevard 22719 Hawthorne Boulevard, 90505 10,396 2000
Kenneth E. Watts Medical Plaza 20911 Earl Street, 90503 60,746 1990
Amapola Business Park 2 438 Amapola Ave, 90501 24,962 1990
Madrona Office Complex 20770 - 20810 Madrona Ave., 90503 211,407 1989
Mariner Court 3625 Del Amo Blvd, 90503 109,841 1989
Mariner Court 3625 Del Amo Blvd, 90503 109,841 1989
1977 W 190th St 1977 W 190th St, 90504 14,132 1989
The Torrance 21250 Hawthorne Blvd, 90503 306,765 1988
The Torrance 21250 Hawthorne Blvd, 90503 306,765 1988

Worth noting among recent office completions on the Torrance market is 78 West, which is currently the largest new office development in the city, at 46,631 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 Torrance 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.