Franklin Office Market Trends

Office Rental Market

  • $30.06 2019 Avg. Asking Rent
  • 12.03 % 2019 Avg. Vacancy Rate
  • 598,147 2019 Office Completions (Sqft)
  • 180,000 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Franklin was $30.06 per square foot, and the office vacancy rate across the market averaged 12.03 %. During 2019, developers added 598,147 square feet of new office space to the Franklin market inventory. Office developments estimated for delivery during 2020 total 180,000 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Franklin Class A Office Buildings$30.51
  • Franklin Class B Office Buildings$28.04
  • TN Class A Office Buildings$31.64
  • TN Class B Office Buildings$21.27
  • TN Class C Office Buildings$18.63

Franklin, TN Office Asking Rents by Class

OFFICE CONSTRUCTION IN Franklin, TN

  • Franklin, TN Total Sqft completed in 2019 598,147
  • Franklin, TN Total Sqft under construction in 2020 180,000
10 Largest Office Buildings in Franklin
Building name Address Total Sqft Year built
The Carothers Building 9009 Carothers Pkwy, 37067 523,319 1996
The Carothers Building 9009 Carothers Blvd., 37067 500,000 1996
Nissan Headquarters 1 Nissan Way, 37067 460,000 2008
Two Franklin Park 6700 Tower Circle, 37067 278,161 2017
One Franklin Park 6100 Tower Circle, 37067 272,720 2014
One Franklin Park 6100 Tower Cir., 37067 272,720 2014
Highwoods Office Park - Cool Springs V - Healthways 701 Cool Springs Blvd, 37067 263,598 2008
Dover Centre 113-117 Seaboard Ln, 37067 226,428 2000
Mars Petcare Headquarters 2013 Ovation Pkwy, 37067 224,000 2019
Ramsey Solutions Headquarters - Phase 1 1011 Reams Fleming Blvd, 37064 223,000 2019
Largest Office Properties Recently Completed in Franklin
Office building Address Sqft Completed
McEwen Northside - Block B 4015 Aspen Grove Drive, 37067 198,318 2020
Mars Petcare Headquarters 2013 Ovation Pkwy, 37067 224,000 2019
Ramsey Solutions Headquarters - Phase 1 1011 Reams Fleming Blvd, 37064 223,000 2019
Berry Farms - 1021 Reams Fleming Blvd 1021 Reams Fleming Blvd, 37064 82,662 2019
4488 Carothers Pkwy 4488 Carothers Pkwy, 37064 68,485 2019
Mallory Green 3401 Mallory Lane, 37064 178,638 2018
Scott Hamilton Proton Therapy Center 4588 Carothers Pkwy, 37067 45,000 2018
231 Public Square 231 Public Square, 37064 32,312 2018
Two Franklin Park 6700 Tower Circle, 37067 278,161 2017
Two Greenway Centre 302 Innovation Way, 37067 155,120 2017
Data provided by Commercial Edge

Office Spaces for Rent in Tennessee

FRANKLIN OFFICE SALES TRENDS

  • $333.642019 Avg. Price per Sqft
  • 44.26 %Y-o-Y Avg. PpSF Change
  • $88.9M2019 Office Sales Volume
  • 32019 Number of Transactions

In 2019, office sales in Franklin averaged $333.64 per square foot. This marked a 44.26 % increase in office price per square foot, compared to the previous year. A total of 3 office sales closed on the Franklin office market in 2019, amounting to a total sales volume of $88.9M.

Average Office Sale Price per Sqft

Franklin, TN Sales Trends

  • Franklin Price per Sqft$333.64
  • Tennessee Price per Sqft$195.66

Office Sales - Trend and Volume

  • Franklin, TN Total Office Sales Volume in 2019 $88.9M
  • Franklin, TN Total Number of Office Sales Closed in 2019 3

Largest Franklin Office Sales in 2019

Property name Address Date Price
Two Greenway Centre 302 Innovation Way 12/23/2019 $43,500,000
722 Columbia Avenue & 120 9th Avenue South 722 Columbia Avenue 1/18/2019 $31,775,000
205 Miller Springs Court 205 Miller Springs Court 7/19/2019 $13,600,000
Data provided by Commercial Edge

See trends for nearby markets

The Franklin office market contains an inventory of 8,808,421 square feet of office space, in 133 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Franklin 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.