Lexington Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $19.26 2021 Avg. Asking Rent
  • 10.55% 2021 Office Vacancy Rate
  • $82.5M2021 Total Office Sales
  • $162.08Avg. Sale Price/SF

Lexington office price per square foot in 2021 was $19.26 on average. The local office market recorded an average vacancy rate of 10.55% across all asset classes combined. The 6 transactions that closed here throughout 2021 amounted to a total sale volume of $82.5M. Lexington office space commanded an average sale price per square foot of $162.08.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Lexington Class A & A+ Office Space$19.25
  • Lexington Class B Office Space$19.26
  • Kentucky Class A & A+ Office Space$21.73
  • Kentucky Class B Office Space$18.59

Lexington, KY Office Asking Rents by Class

2021 Office Vacancy Rates in Lexington

Submarket Asking Rents Vacancy Rates
Lexington CBD $20.13 14.01%
Lexington - Southwest $19.46 11.70%
Lexington - East Central $19.33 6.00%
Lexington - West Central $18.52 9.56%
Lexington - Southeast $18.21 9.36%
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 Lexington market was 10.55% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Lexington was 6.00% in the Lexington - East Central submarket, while the highest office vacancy in the market was 14.01%, recorded in Lexington CBD.

Office Spaces for Rent in Kentucky

Lexington Office Sale Price per SF

  • $162.082021 Avg. Price per SF
  • 30.57%Y-o-Y Avg. PpSF Change
  • $82.5M2021 Office Sales Volume
  • 62021 Number of Transactions

Lexington, KY Sale Price per SF Trend

  • Lexington Avg. Sale Price per SF in 2021$162.08
  • Kentucky Avg. Sale Price per SF in 2021$150.96
Lexington office space cost in 2021 marked a +30.57% change compared to the previous year. The sale price for office space in Lexington averaged $162.08 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Kentucky average office sale price during the same time period was $150.96 per square foot.

2021 Office Sales Volume

  • Lexington, KY Total Office Sales Volume in 2021 $82.5M
  • Lexington, KY Total Number of Office Sales Closed in 2021 6
A total of 6 deals closed on the Lexington office market in 2021, adding up to a yearly sales volume of $82.5M. Notably, the largest transaction on the market saw Lexington Clinic South Broadway change hands for $49,158,000 on 9/29/2021.

Largest Lexington Office Sales in 2021

Property name Address Date Price
Lexington Clinic South Broadway 1221 South Broadway 9/29/2021 $49,158,000
Corporate Plaza 771 Corporate Drive 4/13/2021 $13,200,000
1099 Duval Street 1099 Duval Street 4/7/2021 $7,700,000
101 Yorkshire Blvd 101 Yorkshire Blvd 12/13/2021 $7,700,000
2277 Thunderstick Drive 2277 Thunderstick Drive 4/13/2021 $2,550,000
Data provided by Commercial Edge

Coworking Spaces in Kentucky

2021 Office Construction in Lexington, KY

  • Lexington, KY Total SF completed in 2021 116,000

During 2021, 116,000 square feet of new office space were delivered across the market. At the close of 2021, the Lexington office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 116,000 square feet of office space.

Largest Office Properties Recently Completed in Lexington
Office building Address SF Completed
3094 Harrodsburg Road 3094 Harrodsburg Road, 40503 8,848 2021
The Offices at City Center 100 West Main Street, 40507 146,361 2019
The Offices at Fritz Farm 4040 Finn Way, 40517 40,000 2017
541 Darby Creek Road 541 Darby Creek Road, 40509 42,760 2015
998 Governors Lane 998 Governors Lane, 40513 30,000 2010
Sir Barton Business Center 2443 Sir Barton Way, 40509 44,384 2008
997 Governors Lane 997 Governors Lane, 40513 31,188 2007
Hamburg Business Center - 2720 Old Rosebud Road 2720 Old Rosebud Road, 40509 30,000 2007
989 Governors Lane 989 Governors Lane, 40513 30,000 2007
Bank and Office Space for Lease in Hamburg 2452 Sir Barton Way, 40509 25,752 2007

Worth noting among recent office completions on the Lexington market is 3094 Harrodsburg Road, which is currently the largest new office development in the city, at 8,848 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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Lexington 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.