Memphis Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $19.74 2024 Avg. Asking Rent
  • 21.83% 2024 Office Vacancy Rate
  • $61.8M2024 Total Office Sales
  • $80.85Avg. Sale Price/SF

Memphis office price per square foot in 2024 was $19.74 on average. The local office market recorded an average vacancy rate of 21.83% across all asset classes combined. The 11 transactions that closed here throughout 2024 amounted to a total sale volume of $61.8M. Memphis office space commanded an average sale price per square foot of $80.85.

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

  • Memphis Class A & A+ Office Space$20.69
  • Memphis Class B Office Space$18.70
  • Tennessee Class A & A+ Office Space$30.18
  • Tennessee Class B Office Space$23.45
  • Tennessee Class C Office Space$17.82

Memphis, TN Office Asking Rents by Class

2024 Office Vacancy Rates in Memphis

Submarket Asking Rents Vacancy Rates
Memphis - Poplar Corridor $24.68 13.34%
Memphis - East $23.08 13.81%
Memphis - Airport $20.19 34.84%
Memphis - SR 385 Corridor $18.20 35.11%
Memphis - Downtown $17.61 30.84%
Memphis - Cordova $17.00 27.19%
Memphis - Northeast $16.50 27.04%
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 Memphis market was 21.83% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Memphis was 13.34% in the Memphis - Poplar Corridor submarket, while the highest office vacancy in the market was 35.11%, recorded in Memphis - SR 385 Corridor.

Office Spaces for Rent in Tennessee

Memphis Office Sale Price per SF

  • $80.852024 Avg. Price per SF
  • $61.8M2024 Office Sales Volume
  • 112024 Number of Transactions

Memphis, TN Sale Price per SF Trend

  • Memphis Avg. Sale Price per SF in 2024$80.85
  • Tennessee Avg. Sale Price per SF in 2024$129.51
The sale price for office space in Memphis averaged $80.85 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Tennessee average office sale price during the same time period was $129.51 per square foot.

2024 Office Sales Volume

  • Memphis, TN Total Office Sales Volume in 2024 $61.8M
  • Memphis, TN Total Number of Office Sales Closed in 2024 11
A total of 11 deals closed on the Memphis office market in 2024, adding up to a yearly sales volume of $61.8M. Notably, the largest transaction on the market saw Phelan Building change hands for $12,250,000 on 8/8/2024.

Largest Memphis Office Sales in 2024

Property name Address Date Price
Phelan Building 575 Phelan Avenue 8/8/2024 $12,250,000
Poplar Towers 6263 Poplar Avenue 6/26/2024 $10,263,000
Lipscomb & Pitts Building 2670 Union Avenue Ext 1/9/2024 $6,700,000
Champion Hills Office Building 3725 Champion Hills Drive 1/5/2024 $5,400,000
130 North Court Avenue 130 North Court Avenue 6/24/2024 $4,500,000
Data provided by Commercial Edge

Coworking Spaces in Tennessee

2024 Office Construction in Memphis, TN

  • Memphis, TN Total SF under construction in 2025 35,800
Largest Office Properties Recently Completed in Memphis
Office building Address SF Completed
5575 Poplar Avenue 5575 Poplar Avenue, 38119 45,000 2021
Crosstown Concourse 495 North Watkins Street, 38104 1,000,000 2017
949 South Shady Grove Road 949 South Shady Grove Road, 38120 155,000 2017
Triad Centre III 6070 Poplar Avenue, 38119 148,810 2009
Ridgeway Center - 999 Shady Grove 999 South Shady Grove Road, 38120 155,000 2008
East Memphis Office Building - 3,714± SF Available 7975 Courtyard Plz, 38119 3,714 2006
1840 Pyramid Place 1840 Pyramid Place, 38132 130,399 2004
Physicians Plaza of Bartlett 7865 Educators Lane, 38133 29,874 2004
Goodlett Farms 7135 Goodlett Farms Pkwy, 38016 300,000 2003
Performance Place #400 109 North Main Street, 45402 9,202 2003

Worth noting among recent office completions on the Memphis market is 5575 Poplar Avenue, which is currently the largest new office development in the city, at 45,000 square feet.

Data provided by Commercial Edge

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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 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 CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Memphis 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.