Spokane Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $21.97 2023 Avg. Asking Rent
  • 0.30% Y-o-Y Avg. Asking Rent Change
  • 16.01% 2023 Office Vacancy Rate
  • $79.7M2023 Total Office Sales
  • $213.21Avg. Sale Price/SF

Spokane office price per square foot in 2023 was $21.97 on average. This marked a +0.30% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.01% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $79.7M. Spokane office space commanded an average sale price per square foot of $213.21.

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

  • Spokane Class A & A+ Office Space$24.06
  • Spokane Class B Office Space$19.96
  • Spokane Class C Office Space$15.71
  • Washington Class A & A+ Office Space$45.53
  • Washington Class B Office Space$31.05
  • Washington Class C Office Space$35.93

Spokane, WA Office Asking Rents by Class

Average office rent in Spokane rested at $21.97 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 Spokane averaged $24.06 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.96 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.71 per square foot, on average. Comparably, statewide Washington average office rents by class in 2023 were: $45.53 per square foot for class A office space; $31.05 per square foot for class B office space; $35.93 per square foot for class C office space.

2023 Office Vacancy Rates in Spokane

Submarket Asking Rents Vacancy Rates
South Hill $30.30 0.49%
Northeast $23.12 12.12%
Outlying Spokane County $22.97 11.29%
Spokane Valley $21.90 18.34%
Spokane CBD $21.60 19.62%
Northwest $18.96 13.71%
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 Spokane market was 16.01% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Spokane was 0.49% in the South Hill submarket, while the highest office vacancy in the market was 19.62%, recorded in Spokane CBD.

Office Spaces for Rent in Washington

Spokane Office Sale Price per SF

  • $213.212023 Avg. Price per SF
  • $79.7M2023 Office Sales Volume
  • 52023 Number of Transactions

Spokane, WA Sale Price per SF Trend

  • Spokane Avg. Sale Price per SF in 2023$213.21
  • Washington Avg. Sale Price per SF in 2023$249.72
The sale price for office space in Spokane averaged $213.21 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Washington average office sale price during the same time period was $249.72 per square foot.

2023 Office Sales Volume

  • Spokane, WA Total Office Sales Volume in 2023 $79.7M
  • Spokane, WA Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Spokane office market in 2023, adding up to a yearly sales volume of $79.7M. Notably, the largest transaction on the market saw MultiCare Rockwood Clinic change hands for $48,500,000 on 3/24/2023.
Data provided by Commercial Edge

Coworking Spaces in Washington

2023 Office Construction in Spokane, WA

  • Spokane, WA Total SF under construction in 2024 91,715
Largest Office Properties Recently Completed in Spokane
Office building Address SF Completed
Catalyst Building 601 East Riverside Avenue, 99202 159,000 2020
The Morris Center 12 North Sheridan Street, 99202 40,000 2020
Wonder Spokane 865 North Post Street, 99201 112,513 2018
3707 S Grand Boulevard 3707 S Grand Blvd, 99203 9,775 2010
Providence Holy Family Hospital - Central Medical Office Building 212 East Central Avenue, 99208 60,800 2007
Spokane Technology Center 120 N Pine St, 99202 39,080 2005
755 E Holland Ave 755 E Holland Ave, 99218 7,600 2005
Multicare Integrated Medical Plaza Spokane 601 West 5th Avenue, 99204 95,670 2004
Airport Office Center 5709 West Sunset Hwy, 99224 40,980 2002
6208 N Colton 6208 N Colton, 99208 3,000 2002

Worth noting among recent office completions on the Spokane market is Catalyst Building, which is currently the largest new office development in the city, at 159,000 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 Spokane 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.