Homewood Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $21.92 2023 Avg. Asking Rent
  • -3.69% Y-o-Y Avg. Asking Rent Change
  • 6.57% 2023 Office Vacancy Rate

Homewood office price per square foot in 2023 was $21.92 on average. This marked a -3.69% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 6.57% across all asset classes combined.

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

  • Alabama Class A & A+ Office Space$23.54
  • Alabama Class B Office Space$19.92
  • Alabama Class C Office Space$21.24

Homewood, AL Office Asking Rents by Class

2023 Office Vacancy Rates in Homewood

Submarket Asking Rents Vacancy Rates
Homewood - East $25.57 5.60%
Homewood - West $14.28 3.47%
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 Homewood market was 6.57% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Homewood was 3.47% in the Homewood - West submarket, while the highest office vacancy in the market was 5.60%, recorded in Homewood - East.

Office Spaces for Rent in Alabama

Coworking Spaces in Alabama

Largest Office Properties Recently Completed in Homewood
Office building Address SF Completed
2200 Lakeshore 2200 Lakeshore Drive, 35209 42,329 2001
Patriot Midtown Park - Building 200 200 Wildwood Pkwy, 35209 210,771 1995
Crescent Centre 211 Summit Pkwy, 35209 77,367 1988
Barber Business Park 216 Aquarius Drive, 35209 97,989 1987
Independence Plaza One Independence Plaza, 35209 106,216 1979
2902 Linden Avenue 2902 Linden Avenue, 35209 1,635 1948

Worth noting among recent office completions on the Homewood market is 2200 Lakeshore, which is currently the largest new office development in the city, at 42,329 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 Homewood 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.