Bethlehem Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $21.51 2024 Avg. Asking Rent
  • 32.42% 2024 Office Vacancy Rate
  • $73.5M2024 Total Office Sales
  • $259.81Avg. Sale Price/SF

Bethlehem office price per square foot in 2024 was $21.51 on average. The local office market recorded an average vacancy rate of 32.42% across all asset classes combined. The 6 transactions that closed here throughout 2024 amounted to a total sale volume of $73.5M. Bethlehem office space commanded an average sale price per square foot of $259.81.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Pennsylvania Class A & A+ Office Space$34.29
  • Pennsylvania Class B Office Space$25.57
  • Pennsylvania Class C Office Space$19.06

Bethlehem, PA Office Asking Rents by Class

2024 Office Vacancy Rates in Bethlehem

Submarket Asking Rents Vacancy Rates
Bethlehem Township $24.24 4.45%
Hanover Township $22.63 27.67%
Bethlehem $16.89 45.38%
Data provided by Yardi Research
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 Bethlehem market was 32.42% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Bethlehem was 4.45% in the Bethlehem Township submarket, while the highest office vacancy in the market was 45.38%, recorded in Bethlehem.

Office Spaces for Rent in Pennsylvania

Bethlehem Office Sale Price per SF

  • $259.812024 Avg. Price per SF
  • $73.5M2024 Office Sales Volume
  • 62024 Number of Transactions

Bethlehem, PA Sale Price per SF Trend

  • Bethlehem Avg. Sale Price per SF in 2024$259.81
  • Pennsylvania Avg. Sale Price per SF in 2024$103.46
The sale price for office space in Bethlehem averaged $259.81 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Pennsylvania average office sale price during the same time period was $103.46 per square foot.

2024 Office Sales Volume

  • Bethlehem, PA Total Office Sales Volume in 2024 $73.5M
  • Bethlehem, PA Total Number of Office Sales Closed in 2024 6
A total of 6 deals closed on the Bethlehem office market in 2024, adding up to a yearly sales volume of $73.5M. Notably, the largest transaction on the market saw 2300 Highland Avenue change hands for $40,200,000 on 6/25/2024.
Data provided by Yardi Research

Coworking Spaces in Pennsylvania

2024 Office Construction in Bethlehem, PA

Largest Office Properties Recently Completed in Bethlehem
Office building Address SF Completed
Gateway at Greenway Park 306 New Street, 18015 125,000 2018
1 East Broad Street 1 East Broad Street, 18018 88,960 2007
574 Main St 574 Main St, 18018 8,900 2007
574 Main St 574 Main St, 18018 8,900 2007
Liberty Center 74 West Broad Street, 18018 120,688 2001
Gateway Professional Center 2045 Westgate Dr, 18017 43,970 1984
60 West Broad Street 60 West Broad Street, 18018 51,383 1983
2158 Avenue C 2158 Avenue C, 18017 23,064 1983
One Bethlehem Plaza 1 West Broad Street, 18018 116,900 1974
City Line Plaza 2005 City Line Road, 18017 65,000 1970

Worth noting among recent office completions on the Bethlehem market is Gateway at Greenway Park, which is currently the largest new office development in the city, at 125,000 square feet.

Data provided by Yardi Research

See reports for other 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Bethlehem 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 Yardi Research Data can guarantee that the information provided is complete.