2020 Office Space Rent & Sales
- $26.44 2020 Avg. Asking Rent
- -3.65% Y-o-Y Avg. Asking Rent Change
- 9.25% 2020 Office Vacancy Rate
- $42.5M2020 Total Office Sales
- $155.98Avg. Sale Price/Sqft
Ann Arbor office price per square foot in 2020 was $26.44 on average. This marked a -3.65% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.25% across all asset classes combined. The 4 transactions that closed here throughout 2020 amounted to a total sale volume of $42.5M. Ann Arbor office space commanded an average sale price per square foot of $155.98.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Ann Arbor Class A Office Space$35.26
- Ann Arbor Class B Office Space$25.71
- Ann Arbor Class C Office Space$22.04
- Michigan Class A Office Space$25.50
- Michigan Class B Office Space$20.35
- Michigan Class C Office Space$17.64
Ann Arbor, MI Office Asking Rents by Class
Average office rent in Ann Arbor rested at $26.44 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 Ann Arbor averaged $35.26 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.71 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.04 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2020 were: $25.50 per square foot for class A office space; $20.35 per square foot for class B office space; $17.64 per square foot for class C office space.
Ann Arbor Office Sale Price per Sqft
Ann Arbor, MI Sale Price per Sqft Trend
- Ann Arbor Avg. Sale Price per Sqft in 2020$155.98
- Michigan Avg. Sale Price per Sqft in 2020$111.40
2020 Office Sales Volume
- Ann Arbor, MI Total Office Sales Volume in 2020 $42.5M
- Ann Arbor, MI Total Number of Office Sales Closed in 2020 4
Largest Ann Arbor Office Sales in 2020
|3995 Research Park Drive||3995 Research Park Drive||6/16/2020||$21,818,180|
|5775 Interface Drive||5775 Interface Drive||3/13/2020||$10,554,000|
|Avis Centre XII||5430 Data Court||1/22/2020||$8,196,000|
|333 Jackson Plaza||333 Jackson Plaza||1/29/2020||$1,950,000|
2020 Office Construction in Ann Arbor, MI
- Ann Arbor, MI Total Sqft completed in 2020
- Ann Arbor, MI Total Sqft under construction in 2021 261,500
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Ann Arbor office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 261,500 square feet of office space to the market, before year-end.
|KLA-Tencor Headquarters||1200 Woodridge Avenue, 48105||230,000||2021|
|Park Place 5||2373 Oak Valley Drive, 48103||60,449||2018|
|3900 Research Park Drive||3900 Research Park Drive, 48108||44,525||2018|
|674 South Wagner Road||674 South Wagner Road, 48103||39,543||2017|
|600 South Wagner Road||600 South Wagner Road, 48103||91,960||2016|
|4200 Whitehall Drive||4200 Whitehall Drive, 48105||44,174||2014|
|State Street Executive Park - 5220 South State Road||5220 South State Road, 48108||60,380||2007|
|4840 South State Road||4840 South State Road, 48108||54,607||2007|
|5683 Hines Drive||5683 Hines Drive, 48108||50,000||2007|
|Earhart Corporate Center||2211 Old Earhart Road, 48105||196,087||2006|
Worth noting among recent office completions on the Ann Arbor market is KLA-Tencor Headquarters, which is currently the largest new office development in the city, at 230,000 square feet.
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 Ann Arbor 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.