Birmingham Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $21.85 2024 Avg. Asking Rent
  • 0.92% Y-o-Y Avg. Asking Rent Change
  • 16.70% 2024 Office Vacancy Rate
  • $26.7M2024 Total Office Sales
  • $78.18Avg. Sale Price/SF

Birmingham office price per square foot in 2024 was $21.85 on average. This marked a +0.92% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.70% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $26.7M. Birmingham office space commanded an average sale price per square foot of $78.18.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Birmingham Class A & A+ Office Space$22.28
  • Birmingham Class B Office Space$21.40
  • Birmingham Class C Office Space$19.01
  • Alabama Class A & A+ Office Space$23.07
  • Alabama Class B Office Space$21.05
  • Alabama Class C Office Space$17.64

Birmingham, AL Office Asking Rents by Class

Average office rent in Birmingham rested at $21.85 per square foot in 2024. 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 Birmingham averaged $22.28 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.40 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.01 per square foot, on average. Comparably, statewide Alabama average office rents by class in 2024 were: $23.07 per square foot for class A office space; $21.05 per square foot for class B office space; $17.64 per square foot for class C office space.

2024 Office Vacancy Rates in Birmingham

Submarket Asking Rents Vacancy Rates
Birmingham - University $26.66 16.83%
Mountain Brook $26.19 8.75%
Homewood - East $25.83 2.30%
Birmingham - Southside $22.69 9.75%
Vestavia Hills $22.47 16.96%
Highway 280 Corridor $21.75 26.56%
Birmingham - Downtown $21.21 14.37%
Lakeshore $20.50 30.36%
Hoover $20.02 35.78%
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 Birmingham market was 16.70% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Birmingham was 2.30% in the Homewood - East submarket, while the highest office vacancy in the market was 35.78%, recorded in Hoover.

Office Spaces for Rent in Alabama

Birmingham Office Sale Price per SF

  • $78.182024 Avg. Price per SF
  • -31.73%Y-o-Y Avg. PpSF Change
  • $26.7M2024 Office Sales Volume
  • 32024 Number of Transactions

Birmingham, AL Sale Price per SF Trend

  • Birmingham Avg. Sale Price per SF in 2024$78.18
  • Alabama Avg. Sale Price per SF in 2024$97.47
Birmingham office space cost in 2024 marked a -31.73% change compared to the previous year. The sale price for office space in Birmingham averaged $78.18 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Alabama average office sale price during the same time period was $97.47 per square foot.

2024 Office Sales Volume

  • Birmingham, AL Total Office Sales Volume in 2024 $26.7M
  • Birmingham, AL Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Birmingham office market in 2024, adding up to a yearly sales volume of $26.7M. Notably, the largest transaction on the market saw 2201 4th Avenue North change hands for $13,200,000 on 4/4/2024.
Data provided by Commercial Edge

Coworking Spaces in Alabama

2024 Office Construction in Birmingham, AL

Largest Office Properties Recently Completed in Birmingham
Office building Address SF Completed
International Park Place 2421 International Park Place, 35243 20,000 2025
International Park Place 2421 International Park Place, 35243 20,000 2025
300 Ruffner Rd 300 Ruffner Rd, 35210 9,000 2024
Ensley Office Building (New Construction) 508 19th Street, 35218 30,000 2022
7 Huddle Drive 7 Huddle Drive, 35242 7,200 2018
7 Huddle Drive 7 Huddle Drive, 35242 7,200 2018
3686 Grandview Pkwy 3686 Grandview Pkwy, 35243 207,588 2015
Bruno Cancer Center 2728 10th Avenue South, 35205 33,536 2014
St. Vincent's Birmingham 805 805 St. Vincent's Drive, 35205 148,844 2008
Greystone Professional Office Park 5511 Hwy. 280, 35242 77,130 2005

Worth noting among recent office completions on the Birmingham market is International Park Place, which is currently the largest new office development in the city, at 20,000 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Birmingham 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.