2022 Office Space Rent & Sales
- $22.79 2022 Avg. Asking Rent
- 14.49% 2022 Office Vacancy Rate
- $78.2M2022 Total Office Sales
- $120.55Avg. Sale Price/SF
Huntsville office price per square foot in 2022 was $22.79 on average. The local office market recorded an average vacancy rate of 14.49% across all asset classes combined. The 5 transactions that closed here throughout 2022 amounted to a total sale volume of $78.2M. Huntsville office space commanded an average sale price per square foot of $120.55.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Huntsville Class A & A+ Office Space$37.59
- Huntsville Class B Office Space$19.62
- Huntsville Class C Office Space$14.50
- Alabama Class A & A+ Office Space$23.47
- Alabama Class B Office Space$19.77
- Alabama Class C Office Space$17.29
Huntsville, AL Office Asking Rents by Class
Average office rent in Huntsville rested at $22.79 per square foot in 2022. 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 $19.62 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 2022 were: $23.47 per square foot for class A office space; $19.77 per square foot for class B office space; $17.29 per square foot for class C office space.
2022 Office Vacancy Rates in Huntsville
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Huntsville - Downtown | $34.81 | 25.22% |
Madison | $22.69 | 12.98% |
Huntsville - West | $18.49 | 13.25% |
Huntsville - South | $15.18 | 12.53% |
Huntsville Office Sale Price per SF
- $120.552022 Avg. Price per SF
- 8.33%Y-o-Y Avg. PpSF Change
- $78.2M2022 Office Sales Volume
- 52022 Number of Transactions
Huntsville, AL Sale Price per SF Trend
- Huntsville Avg. Sale Price per SF in 2022$120.55
- Alabama Avg. Sale Price per SF in 2022$155.02
2022 Office Sales Volume
- Huntsville, AL Total Office Sales Volume in 2022 $78.2M
- Huntsville, AL Total Number of Office Sales Closed in 2022 5
Largest Huntsville Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
400 Jan Davis Drive NW | 400 Jan Davis Drive NW | 12/22/2022 | $32,050,000 |
Cummings Research Park East - 106 Wynn Drive NW | 106 Wynn Drive NW | 5/20/2022 | $15,000,000 |
345 Voyager Way NW | 345 Voyager Way NW | 2/4/2022 | $13,500,000 |
Cummings Research Park West - 6723 Odyssey Drive NW | 6723 Odyssey Drive NW | 10/21/2022 | $12,650,000 |
Cummings Research Park East - 4975 Bradford Drive NW | 4975 Bradford Drive NW | 11/1/2022 | $4,950,000 |
Coworking Spaces in Alabama
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2022 Office Construction in Huntsville, AL
- Huntsville, AL Total SF completed in 2022 49,000
- Huntsville, AL Total SF under construction in 2023 819,000
During 2022, 49,000 square feet of new office space were delivered across the market. At the close of 2022, the Huntsville office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 49,000 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 819,000 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Governors Dr | Governors Dr, 35801 | 21,460 | 2024 |
Redstone Gateway - 8100 Rideout Road | 8100 Rideout Road, 35808 | 125,000 | 2023 |
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 - 12,250 SF WAREHOUSE/PRODUCTION | 7262 Governors West Drive, 35806 | 12,250 | 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 |
Worth noting among recent office completions on the Huntsville market is Governors Dr, which is currently the largest new office development in the city, at 21,460 square feet.
See reports for other markets
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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.