Hoover Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $17.85 2024 Avg. Asking Rent
  • 2.29% Y-o-Y Avg. Asking Rent Change
  • 39.54% 2024 Office Vacancy Rate

Hoover office price per square foot in 2024 was $17.85 on average. This marked a +2.29% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 39.54% 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

2024 Average Office Rent per Square Foot

  • Alabama Class A & A+ Office Space$23.07
  • Alabama Class B Office Space$21.05
  • Alabama Class C Office Space$17.64

Hoover, AL Office Asking Rents by Class

2024 Office Vacancy Rates in Hoover

Submarket Asking Rents Vacancy Rates
Vestavia Hills $22.47 16.96%
Highway 280 Corridor $21.75 26.56%
Hoover $20.02 35.78%
Data provided by Yardi Research
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 Hoover market was 39.54% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Hoover was 16.96% in the Vestavia Hills submarket, while the highest office vacancy in the market was 35.78%, recorded in Hoover.

Office Spaces for Rent in Alabama

Coworking Spaces in Alabama

Largest Office Properties Recently Completed in Hoover
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
244 Inverness Center Dr 244 Inverness Center Dr, 35242 3,300 2010
244 Inverness Center Dr 244 Inverness Center Dr, 35242 3,300 2010
Office Space For Lease - 4956 Valleydale Rd 4956 Valleydale Rd, 35242 10,688 2002
Freestanding Riverchase Office Building 4 Riverchase Ridge, 35244 9,962 2002
Office Warehouse For Lease (524 Mineral Trace Dr) 524 Mineral Trace, 35244 7,200 2000
1800 International Park 1800 International Park Drive, 35243 145,715 1999
Freestanding Riverchase Office Building 2176 Parkway Lake Dr, 35244 10,822 1997
250 Riverchase Pkwy East 250 Riverchase Pkwy East, 35244 454,543 1995

Worth noting among recent office completions on the Hoover market is International Park Place, which is currently the largest new office development in the city, at 20,000 square feet.

Data provided by Yardi Research

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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 Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Hoover 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 Yardi Research Data can guarantee that the information provided is complete.