Average Asking Rents for Office Space, by Region

Q4 2022

Average Rental Rate per Square Foot (FSG)Year-Over-Year % Change
New York City$6.370.0%
Silicon Valley$5.70+1.1%
Austin$4.33+3.1%
Los Angeles$3.77-0.5%
Seattle$3.99+5.0%
Boston$3.92-1.5%
Portland$2.75-1.8%
Denver$2.72+3.4%

Data Source:

JLL

Analysis:

Silicon Valley Institute for Regional Studies

Data are from JLL. Commercial space includes Office, Industrial, R&D and Lab. The JLL statistical inventory and all related reports include Office, Flex/R&D, and Lab buildings above 30,000 square feet in Santa Clara County (plus Fremont and Newark) and 20,000 square feet in San Mateo County, and all industrial developments above 10,000 square feet; any attached retail space is not included in total square footage Silicon Valley data includes San Mateo County, Santa Clara County, and the Cities of Fremont and Newark. Average office space asking rents are “Full Service Gross” (FSG), which is the monthly rental rate and includes common area maintenance fees, utility fees, and taxes/insurance fees. Industrial, R&D, and Lab asking rents are quoted “triple net” (NNN), which is the monthly base rental rate in which common area maintenance fees, utility fees, and taxes/insurance fees are excluded. Average asking rents have been inflation-adjusted and are reported in 2022 dollars using the Bay Area consumer price index for all urban consumers from the Bureau of Labor Statistics for Silicon Valley data, 2022 estimate based on data through August. Near transit is defined as located within a 10-minute walk of a Caltrain, BART, or VTA station. Apart from downtown areas, the El Camino and Sand Hill Road Corridors, and other office-only pockets, Office is defined as any building with at least four stories in Santa Clara County (plus Fremont and Newark) and at least three stories in San Mateo County. Flex/R&D properties are defined as buildings that have three or fewer stories in Santa Clara County (plus Fremont and Newark) and one to two stories in San Mateo County. Owner-occupied buildings are included in the JLL statistical inventory and reports. Lab buildings are included as a separate category from R&D.

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Resources for Relevant Data and Reports (show)

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