Harrisburg Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $18.61 2020 Avg. Asking Rent
  • 10.87% 2020 Office Vacancy Rate
  • $50.1M2020 Total Office Sales
  • $193.54Avg. Sale Price/SF

Harrisburg office price per square foot in 2020 was $18.61 on average. The local office market recorded an average vacancy rate of 10.87% across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $50.1M. Harrisburg office space commanded an average sale price per square foot of $193.54.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Harrisburg Class A Office Space$20.04
  • Harrisburg Class B Office Space$17.74
  • Harrisburg Class C Office Space$18.49
  • Pennsylvania Class A Office Space$31.04
  • Pennsylvania Class B Office Space$24.78
  • Pennsylvania Class C Office Space$20.82

Harrisburg, PA Office Asking Rents by Class

Average office rent in Harrisburg rested at $18.61 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 Harrisburg averaged $20.04 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.74 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.49 per square foot, on average. Comparably, statewide Pennsylvania average office rents by class in 2020 were: $31.04 per square foot for class A office space; $24.78 per square foot for class B office space; $20.82 per square foot for class C office space.

2020 Office Vacancy Rates in Harrisburg

Submarket Asking Rents Vacancy Rates
Harrisburg - CBD $18.84 15.43%
Harrisburg - Northeast $18.39 12.14%
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 Harrisburg market was 10.87% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Harrisburg was 12.14% in the Harrisburg - Northeast submarket, while the highest office vacancy in the market was 15.43%, recorded in Harrisburg - CBD.

Office Spaces for Rent in Pennsylvania

Harrisburg Office Sale Price per SF

  • $193.542020 Avg. Price per SF
  • $50.1M2020 Office Sales Volume
  • 32020 Number of Transactions

Harrisburg, PA Sale Price per SF Trend

  • Harrisburg Avg. Sale Price per SF in 2020$193.54
  • Pennsylvania Avg. Sale Price per SF in 2020$178.30
The sale price for office space in Harrisburg averaged $193.54 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Pennsylvania average office sale price during the same time period was $178.30 per square foot.

2020 Office Sales Volume

  • Harrisburg, PA Total Office Sales Volume in 2020 $50.1M
  • Harrisburg, PA Total Number of Office Sales Closed in 2020 3
A total of 3 deals closed on the Harrisburg office market in 2020, adding up to a yearly sales volume of $50.1M. Notably, the largest transaction on the market saw 1171 South Cameron Street change hands for $20,500,000 on 7/24/2020.

Largest Harrisburg Office Sales in 2020

Property name Address Date Price
1171 South Cameron Street 1171 South Cameron Street 7/24/2020 $20,500,000
Riverview Office Center 4135 North Front Street 12/31/2020 $15,000,000
Olde Liberty Square - 4813 & 4815 Jonestown Road 4813 Jonestown Road 3/6/2020 $6,067,178
Olde Liberty Square - 4811 Jonestown Road 4811 Jonestown Road 3/6/2020 $4,430,090
Olde Liberty Square - 4807 Jonestown Road 4807 Jonestown Road 3/6/2020 $4,102,732
Data provided by Commercial Edge

2020 Office Construction in Harrisburg, PA

  • Harrisburg, PA Total SF completed in 2020

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Harrisburg 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 Harrisburg
Office building Address SF Completed
110 South 17th Street 110 South 17th Street, 17104 70,000 2015
4423 North Front Street 4423 North Front Street, 17110 30,000 2013
Riverview Office Center 4135 North Front Street, 17110 65,000 2011
The Quandel Building 3003 North Front Street, 17110 37,632 2009
4507 North Front Street 4507 North Front Street, 17110 41,400 2006
Market Square Plaza 17 North 2nd Street, 17101 172,629 2005
River Chase Office Center 4431 North Front Street, 17110 69,454 2002
Penn National Insurance Plaza 2 North 2nd Street, 17101 245,702 1997
3401 North Front Street 3401 North Front Street, 17110 41,052 1993
The PinnacleHealth's Harrisburg Campus - Southgate Building 409 South 2nd Street, 17104 108,940 1992

Worth noting among recent office completions on the Harrisburg market is 110 South 17th Street, which is currently the largest new office development in the city, at 70,000 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 Harrisburg 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.