Hollywood Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $42.83 2023 Avg. Asking Rent
  • 22.47% 2023 Office Vacancy Rate
  • $26.3M2023 Total Office Sales
  • $428.88Avg. Sale Price/SF

Hollywood office price per square foot in 2023 was $42.83 on average. The local office market recorded an average vacancy rate of 22.47% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $26.3M. Hollywood office space commanded an average sale price per square foot of $428.88.

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

  • Hollywood Class A & A+ Office Space$43.70
  • Hollywood Class B Office Space$40.11
  • Hollywood Class C Office Space$32.05
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Hollywood, FL Office Asking Rents by Class

Average office rent in Hollywood rested at $42.83 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 Hollywood averaged $43.70 per square foot. Across all submarkets, class B office space recorded an average asking rent of $40.11 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $32.05 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.

2023 Office Vacancy Rates in Hollywood

Submarket Asking Rents Vacancy Rates
Hollywood $50.39 29.00%
Pembroke Pines $35.89 10.23%
Miramar $35.28 18.42%
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 Hollywood market was 22.47% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Hollywood was 10.23% in the Pembroke Pines submarket, while the highest office vacancy in the market was 29.00%, recorded in Hollywood.

Office Spaces for Rent in Florida

Hollywood Office Sale Price per SF

  • $428.882023 Avg. Price per SF
  • $26.3M2023 Office Sales Volume
  • 42023 Number of Transactions

Hollywood, FL Sale Price per SF Trend

  • Hollywood Avg. Sale Price per SF in 2023$428.88
  • Florida Avg. Sale Price per SF in 2023$213.92
The sale price for office space in Hollywood averaged $428.88 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

2023 Office Sales Volume

  • Hollywood, FL Total Office Sales Volume in 2023 $26.3M
  • Hollywood, FL Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Hollywood office market in 2023, adding up to a yearly sales volume of $26.3M. Notably, the largest transaction on the market saw 2216 Hollywood Blvd change hands for $11,887,000 on 12/29/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Hollywood, FL

  • Hollywood, FL Total SF completed in 2023 43,536

During 2023, 43,536 square feet of new office space were delivered across the market. At the close of 2023, the Hollywood office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 43,536 square feet of office space.

Largest Office Properties Recently Completed in Hollywood
Office building Address SF Completed
ICON 1895 Tyler Street, 33020 49,607 2023
Harrison Executive Centre 1930 Harrison Street, 33020 55,000 2004
Harrison Executive Centre 1930 Harrison Street, 33020 55,000 2004
Emerald Lake Plaza 3107 Stirling Road, 33312 41,249 1999
Emerald Lake Plaza 3107 Stirling Road, 33312 41,249 1999
Sheridan Street Professional Plaza 7261 Sheridan Street, 33024 120,075 1991
Presidential Circle 4000 Hollywood Blvd, 33021 281,625 1989
Oakwood Business Center - Buildings I & II 1 Oakwood Blvd, 33020 115,231 1988
Venture Corporate Center III 300 S Park Road, 33021 84,823 1986
Stirling Square Office Center 2901 Stirling Road, 33312 51,598 1986

Worth noting among recent office completions on the Hollywood market is ICON, which is currently the largest new office development in the city, at 49,607 square feet.

Data provided by Commercial Edge

See reports for other markets

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 Hollywood 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.