2023 Office Space Rent & Sales
- $22.82 2023 Avg. Asking Rent
- -1.62% Y-o-Y Avg. Asking Rent Change
- 8.44% 2023 Office Vacancy Rate
- $100.6M2023 Total Office Sales
- $114.63Avg. Sale Price/SF
Knoxville office price per square foot in 2023 was $22.82 on average. This marked a -1.62% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 8.44% across all asset classes combined. The 9 transactions that closed here throughout 2023 amounted to a total sale volume of $100.6M. Knoxville office space commanded an average sale price per square foot of $114.63.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Knoxville Class A & A+ Office Space$24.54
- Knoxville Class B Office Space$21.05
- Tennessee Class A & A+ Office Space$31.18
- Tennessee Class B Office Space$22.11
- Tennessee Class C Office Space$26.18
Knoxville, TN Office Asking Rents by Class
2023 Office Vacancy Rates in Knoxville
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Farragut - Woodland Acres | $24.94 | 20.61% |
Knoxville - University | $23.28 | 7.95% |
Knoxville - Downtown | $21.77 | 5.44% |
Cedar Bluff - Hardin Valley | $19.55 | 10.90% |
Knoxville Office Sale Price per SF
- $114.632023 Avg. Price per SF
- $100.6M2023 Office Sales Volume
- 92023 Number of Transactions
Knoxville, TN Sale Price per SF Trend
- Knoxville Avg. Sale Price per SF in 2023$114.63
- Tennessee Avg. Sale Price per SF in 2023$168.53
2023 Office Sales Volume
- Knoxville, TN Total Office Sales Volume in 2023 $100.6M
- Knoxville, TN Total Number of Office Sales Closed in 2023 9
Coworking Spaces in Tennessee
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- Knoxville Coworking Space
2023 Office Construction in Knoxville, TN
- Knoxville, TN Total SF completed in 2023 47,346
During 2023, 47,346 square feet of new office space were delivered across the market. At the close of 2023, the Knoxville office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 47,346 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
Newly Built Farragut Office Opportunity/Retail Corner Exposure | 831 Loop Road, 37934 | 4,200 | 2023 |
Parkside Drive Class A Office with View Dynamic Glass | 10142 Parkside Drive, 37922 | 81,960 | 2019 |
The Markets at Choto | 12346 Northshore Dr. , 37922 | 5,500 | 2016 |
12748 Kingston Pike | 12748 Kingston Pike, 37934 | 170 | 2010 |
Brookview Town Centre - Brookview Promenade Office Building | 265 Brookview Centre Way, 37919 | 190,000 | 2009 |
11470 Parkside | 11470 Parkside Dr, 37934 | 22,032 | 2009 |
Two Lakeside Centre | 2095 Lakeside Centre Way, 37922 | 96,336 | 2008 |
4662 Holston Dr | 4662 Holston Dr, 37914 | 5,000 | 2008 |
2575 Willow Point Way, Suite 109 | 2575 Willow Point Way Ste 109, 37931 | 6,108 | 2007 |
Three Lakeside Centre | 2160 Lakeside Centre Way, 37922 | 98,639 | 2004 |
Worth noting among recent office completions on the Knoxville market is Newly Built Farragut Office Opportunity/Retail Corner Exposure, which is currently the largest new office development in the city, at 4,200 square feet.
See reports for other markets
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Knoxville 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.