2023 Office Space Rent & Sales
- $24.98 2023 Avg. Asking Rent
- 11.51% 2023 Office Vacancy Rate
- $9.7M2023 Total Office Sales
- $74.89Avg. Sale Price/SF
Huntsville office price per square foot in 2023 was $24.98 on average. The local office market recorded an average vacancy rate of 11.51% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $9.7M. Huntsville office space commanded an average sale price per square foot of $74.89.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Huntsville Class A & A+ Office Space$37.59
- Huntsville Class B Office Space$21.48
- Huntsville Class C Office Space$14.50
- Alabama Class A & A+ Office Space$23.54
- Alabama Class B Office Space$19.92
- Alabama Class C Office Space$21.24
Huntsville, AL Office Asking Rents by Class
Average office rent in Huntsville rested at $24.98 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 Huntsville averaged $37.59 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.48 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.50 per square foot, on average. Comparably, statewide Alabama average office rents by class in 2023 were: $23.54 per square foot for class A office space; $19.92 per square foot for class B office space; $21.24 per square foot for class C office space.
2023 Office Vacancy Rates in Huntsville
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Huntsville - Downtown | $34.91 | 18.20% |
Madison | $23.23 | 14.53% |
Huntsville - West | $20.05 | 10.48% |
Huntsville - South | $14.50 | 8.90% |
Huntsville Office Sale Price per SF
- $74.892023 Avg. Price per SF
- -37.88%Y-o-Y Avg. PpSF Change
- $9.7M2023 Office Sales Volume
- 32023 Number of Transactions
Huntsville, AL Sale Price per SF Trend
- Huntsville Avg. Sale Price per SF in 2023$74.89
- Alabama Avg. Sale Price per SF in 2023$92.64
2023 Office Sales Volume
- Huntsville, AL Total Office Sales Volume in 2023 $9.7M
- Huntsville, AL Total Number of Office Sales Closed in 2023 3
Coworking Spaces in Alabama
- Atlanta Coworking Space
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- Alpharetta Coworking Space
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- Knoxville Coworking Space
2023 Office Construction in Huntsville, AL
- Huntsville, AL Total SF completed in 2023 813,000
During 2023, 813,000 square feet of new office space were delivered across the market. At the close of 2023, the Huntsville office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 813,000 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
3409 Memorial Pkwy SW | 3409 Memorial Pkwy SW, 35801 | 7,600 | 2024 |
225 Holmes Avenue | 225 Holmes Avenue, 35801 | 77,500 | 2023 |
The Range | 3810 Governors Drive, 35805 | 49,000 | 2022 |
Twickenham Center | 200 Davis Cir Sw, 35801 | 72,250 | 2020 |
Times Plaza | 2317 Memorial Pkwy SW, 35801 | 67,015 | 2019 |
Research West Office Center - 2,000 - 26,000 SF WAREHOUSE/PRODUCTION/OFFICE/FLEX | 7262 Governors West Drive, 35806 | 48,000 | 2019 |
320 Pelham Ave SW | 320 Pelham Ave SW, 35801 | 28,512 | 2017 |
Twickenham Place | 720 Gallatin Street, 35801 | 110,000 | 2014 |
Cummings Research Park West - 345 Bob Heath Drive | 345 Bob Heath Drive, 35806 | 120,000 | 2013 |
4025 Pepperwood Cir SW | 4025 Pepperwood Cir SW, 35801 | 8,886 | 2010 |
Worth noting among recent office completions on the Huntsville market is 3409 Memorial Pkwy SW, which is currently the largest new office development in the city, at 7,600 square feet.
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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 Huntsville 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.