Tacoma Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $27.12 2023 Avg. Asking Rent
  • 12.36% 2023 Office Vacancy Rate
  • $55M2023 Total Office Sales
  • $178.74Avg. Sale Price/SF

Tacoma office price per square foot in 2023 was $27.12 on average. The local office market recorded an average vacancy rate of 12.36% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $55M. Tacoma office space commanded an average sale price per square foot of $178.74.

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

  • Washington Class A & A+ Office Space$45.53
  • Washington Class B Office Space$31.05
  • Washington Class C Office Space$35.93

Tacoma, WA Office Asking Rents by Class

Office Spaces for Rent in Washington

Tacoma Office Sale Price per SF

  • $178.742023 Avg. Price per SF
  • -14.80%Y-o-Y Avg. PpSF Change
  • $55M2023 Office Sales Volume
  • 62023 Number of Transactions

Tacoma, WA Sale Price per SF Trend

  • Tacoma Avg. Sale Price per SF in 2023$178.74
  • Washington Avg. Sale Price per SF in 2023$249.72
Tacoma office space cost in 2023 marked a -14.80% change compared to the previous year. The sale price for office space in Tacoma averaged $178.74 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

  • Tacoma, WA Total Office Sales Volume in 2023 $55M
  • Tacoma, WA Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Tacoma office market in 2023, adding up to a yearly sales volume of $55M. Notably, the largest transaction on the market saw Regence Building change hands for $27,271,000 on 9/27/2023.
Data provided by Commercial Edge

Coworking Spaces in Washington

2023 Office Construction in Tacoma, WA

Largest Office Properties Recently Completed in Tacoma
Office building Address SF Completed
Cornus House 2502 Pacific Avenue, 98402 64,394 2024
Cubework Steele Street 12005 Steele Street South, 98444 273,816 2021
Cubework Tacoma 3320 Lincoln Avenue, 98421 300,000 2019
Point Ruston Retail 5103 Main Street, 98407 70,407 2015
St. Joseph Medical Center Medical Office Building 1608 South J Street, 98405 120,833 2013
2150 Freeman Rd E 2150 Freeman Rd E, 98424 14,504 2012
Foremost Building 2413 Pacific Avenue, 98402 26,500 2010
Centre Square Professional Building 5006 Center Street, 98409 26,317 2008
12th & Union Building 1201 S Union Ave, 98405 5,700 2007
Garfield Commons 208 Garfield Street South, 98444 31,881 2006

Worth noting among recent office completions on the Tacoma market is Cornus House, which is currently the largest new office development in the city, at 64,394 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 Tacoma 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.