Norcross Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $19.33 2020 Avg. Asking Rent
  • 1.70% Y-o-Y Avg. Asking Rent Change
  • 32.04% 2020 Office Vacancy Rate
  • $80.4M2020 Total Office Sales
  • $100.26Avg. Sale Price/SF

Norcross office price per square foot in 2020 was $19.33 on average. This marked a +1.70% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 32.04% across all asset classes combined. The 10 transactions that closed here throughout 2020 amounted to a total sale volume of $80.4M. Norcross office space commanded an average sale price per square foot of $100.26.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Norcross Class A Office Space$25.29
  • Norcross Class B Office Space$18.93
  • Norcross Class C Office Space$13.86
  • Georgia Class A Office Space$30.31
  • Georgia Class B Office Space$21.23
  • Georgia Class C Office Space$16.05

Norcross, GA Office Asking Rents by Class

Average office rent in Norcross rested at $19.33 per square foot in 2020. 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 Norcross averaged $25.29 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.93 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $13.86 per square foot, on average. Comparably, statewide Georgia average office rents by class in 2020 were: $30.31 per square foot for class A office space; $21.23 per square foot for class B office space; $16.05 per square foot for class C office space.

2020 Office Vacancy Rates in Norcross

Submarket Asking Rents Vacancy Rates
Peachtree Corners $20.78 31.99%
Duluth $14.61 46.52%
Northlake\Chamblee $10.93 16.12%
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 Norcross market was 32.04% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Norcross was 16.12% in the Northlake\Chamblee submarket, while the highest office vacancy in the market was 46.52%, recorded in Duluth.

Office Spaces for Rent in Georgia

Norcross Office Sale Price per SF

  • $100.262020 Avg. Price per SF
  • $80.4M2020 Office Sales Volume
  • 102020 Number of Transactions

Norcross, GA Sale Price per SF Trend

  • Norcross Avg. Sale Price per SF in 2020$100.26
  • Georgia Avg. Sale Price per SF in 2020$165.65
The sale price for office space in Norcross averaged $100.26 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Georgia average office sale price during the same time period was $165.65 per square foot.

2020 Office Sales Volume

  • Norcross, GA Total Office Sales Volume in 2020 $80.4M
  • Norcross, GA Total Number of Office Sales Closed in 2020 10
A total of 10 deals closed on the Norcross office market in 2020, adding up to a yearly sales volume of $80.4M. Notably, the largest transaction on the market saw Bureau - Building 1 change hands for $21,440,000 on 3/9/2020.

Largest Norcross Office Sales in 2020

Property name Address Date Price
Bureau - Building 1 125 Technology Pkwy 3/9/2020 $21,440,000
Waterford Centre 5555 Triangle Pkwy NW 5/27/2020 $11,133,000
155 & 157 Technology Pkwy NW 155 Technology Pkwy NW 8/20/2020 $10,300,000
Northwoods Business Park - 2975 Northwoods Pkwy 2975 Northwoods Pkwy 3/6/2020 $9,303,270
6527 Jimmy Carter Blvd 6527 Jimmy Carter Blvd 10/23/2020 $7,576,918
Data provided by Commercial Edge

2020 Office Construction in Norcross, GA

  • Norcross, GA Total SF completed in 2020

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Norcross office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.

Largest Office Properties Recently Completed in Norcross
Office building Address SF Completed
Offices at Meeting Point 4161 Steve Reynolds Blvd, 30093 52,203 2010
Horizon at Norcross 4720 Peachtree Industrial Blvd, 30071 42,477 2008
Steve Reynolds Commons 3985 Steve Reynolds Blvd, 30093 63,840 2005
The Offices @ Gwinnett Commons - 1700 Corporate Drive 1700 Corporate Drive, 30093 92,046 2002
3025 Business Park Drive 3025 Business Park Drive, 30071 34,518 2001
6010 Atlantic Blvd 6010 Atlantic Blvd, 30071 50,600 1999
Beaver Ruin Business Center - 1850 Beaver Ridge Circle 1850 Beaver Ridge Circle, 30071 64,800 1998
Avalon Center Office Park - 3145 Avalon Ridge Place 3145 Avalon Ridge Place, 30071 32,600 1997
3100 Avalon Ridge Place 3100 Avalon Ridge Place, 30071 59,400 1996
United Consulting Headquarters 625 Holcomb Bridge Road, 30071 57,657 1996

Worth noting among recent office completions on the Norcross market is Offices at Meeting Point, which is currently the largest new office development in the city, at 52,203 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Norcross 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.