Vancouver Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $27.34 2023 Avg. Asking Rent
  • 10.03% 2023 Office Vacancy Rate
  • $48.6M2023 Total Office Sales
  • $283.60Avg. Sale Price/SF

Vancouver office price per square foot in 2023 was $27.34 on average. The local office market recorded an average vacancy rate of 10.03% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $48.6M. Vancouver office space commanded an average sale price per square foot of $283.60.

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

  • Vancouver Class A & A+ Office Space$31.37
  • Vancouver Class B Office Space$30.12
  • Vancouver Class C Office Space$15.86
  • Washington Class A & A+ Office Space$45.53
  • Washington Class B Office Space$31.05
  • Washington Class C Office Space$35.93

Vancouver, WA Office Asking Rents by Class

Average office rent in Vancouver rested at $27.34 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 Vancouver averaged $31.37 per square foot. Across all submarkets, class B office space recorded an average asking rent of $30.12 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.86 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 Vancouver

Submarket Asking Rents Vacancy Rates
Outlying Clark County $28.99 32.85%
Vancouver $27.34 9.34%
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 Vancouver market was 10.03% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Vancouver was 9.34% in the Vancouver submarket, while the highest office vacancy in the market was 32.85%, recorded in Outlying Clark County.

Office Spaces for Rent in Washington

Vancouver Office Sale Price per SF

  • $283.602023 Avg. Price per SF
  • 12.30%Y-o-Y Avg. PpSF Change
  • $48.6M2023 Office Sales Volume
  • 42023 Number of Transactions

Vancouver, WA Sale Price per SF Trend

  • Vancouver Avg. Sale Price per SF in 2023$283.60
  • Washington Avg. Sale Price per SF in 2023$249.72
Vancouver office space cost in 2023 marked a +12.30% change compared to the previous year. The sale price for office space in Vancouver averaged $283.60 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

  • Vancouver, WA Total Office Sales Volume in 2023 $48.6M
  • Vancouver, WA Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Vancouver office market in 2023, adding up to a yearly sales volume of $48.6M. Notably, the largest transaction on the market saw 4000 Columbia House Blvd change hands for $21,100,000 on 10/11/2023.
Data provided by Commercial Edge

Coworking Spaces in Washington

2023 Office Construction in Vancouver, WA

Largest Office Properties Recently Completed in Vancouver
Office building Address SF Completed
Columbia Tech Center - Building 687 18405 SE Mill Plain Blvd, 98683 29,041 2021
1625 SE 192nd Ave 1625 SE 192nd Ave, 98607 35,503 2018
Columbia Tech Center - Building 49 17801 SE 6th Way, 98683 35,200 2017
Columbia Tech Center - Bldg 649 17801 SE 6th Way, 98683 34,700 2017
Columbia Tech Center - Building 51 17750 SE 6th Way, 98683 51,822 2012
124th Center 201 SE 124th Avenue, 98684 7,784 2010
City Hall Building 415 West 6th Street, 98660 118,500 2008
Columbia Tech Center - Building 31 17200 SE Mill Plain Blvd, 98683 52,856 2007
17800 SE Mill Plain Blvd 17800 SE Mill Plain Blvd, 98683 49,250 2007
Columbia Tech Center - Buildings 47 & 48 17700 SE Mill Plain Blvd, 98683 50,306 2006

Worth noting among recent office completions on the Vancouver market is Columbia Tech Center - Building 687, which is currently the largest new office development in the city, at 29,041 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 Vancouver 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.