2023 Office Space Rent & Sales
- $21.75 2023 Avg. Asking Rent
- -3.84% Y-o-Y Avg. Asking Rent Change
- 4.93% 2023 Office Vacancy Rate
Salem office price per square foot in 2023 was $21.75 on average. This marked a -3.84% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 4.93% across all asset classes combined.
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
- Oregon Class A & A+ Office Space$35.37
- Oregon Class B Office Space$23.28
- Oregon Class C Office Space$26.43
Salem, OR Office Asking Rents by Class
2023 Office Vacancy Rates in Salem
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Salem - Southeast | $26.32 | 5.41% |
| Salem - North | $21.89 | 6.33% |
| Salem - South | $20.56 | 2.69% |
| Salem - Central | $19.49 | 5.74% |
Office Spaces for Rent in Oregon
Coworking Spaces in Oregon
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2023 Office Construction in Salem, OR
| Office building | Address | SF | Completed |
|---|---|---|---|
| New Build Office Suites | 835 Commercial St SE, 97302 | 14,447 | 2024 |
| Boulder Creek South | 2525 12th Street SE, 97302 | 42,495 | 2017 |
| Kuebler Gateway | 2521 Boone Road SE, 97306 | 38,512 | 2014 |
| Parkside | 966 12th St SE, 97302 | 10,011 | 2007 |
| Mission Oaks Professional Center | 1255 Lee Street SE, 97302 | 27,254 | 2005 |
| The Light House | 350 Miller St SE, 97302 | 7,950 | 2005 |
| Creekside Corporate Center | 650-680 Hawthorne Ave SE, 97301 | 28,362 | 2004 |
| For Sale > First Pacific Corp. Building | 5121 Skyline Village Loop S, 97306 | 62,916 | 2003 |
| Class A Investment Office Building | 1220 20th Street SE, 97302 | 28,696 | 2003 |
| Petra Plaza | 2720 Commercial St SE, 97302 | 15,015 | 2000 |
Worth noting among recent office completions on the Salem market is New Build Office Suites, which is currently the largest new office development in the city, at 14,447 square feet.
See reports for other markets
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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 Salem 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.