Memphis Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Memphis is $20.60 per square foot, 4.37% higher compared to the previous year.
  • The average sale price for office space in Memphis is $100.09 per square foot, marking an increase of 51.48% compared to 2024.
  • The market’s vacancy rate stands at 19.93%, higher than the state average of Tennessee, which is 16.31%.
  • Renting Class A/A+ office space here costs $20.65 per square foot, while Class B averages $20.47 and Class C stands at $18.66.

2025 Office Space Rent & Sales

  • $20.60 2025 Avg. Asking Rent
  • 4.37% Y-o-Y Avg. Asking Rent Change
  • 19.93% 2025 Office Vacancy Rate
  • $157.7M2025 Total Office Sales
  • $100.09Avg. Sale Price/SF

What is the average asking rent price for office space in Memphis?

Average asking rents for office space here stand at $20.60 per square foot. The local office market recorded an average vacancy rate of 19.93% in 2025, unchanged from 19.93% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $157.7M across 13 sales. These transactions commanded an average sale price per square foot of $100.09.

Memphis, TN Office Asking Rents by Class

What is the average office rent per square foot by property class in Memphis?

  • Avg. Asking Rent Class A & A+$20.65
  • Avg. Asking Rent Class B$20.47
  • Avg. Asking Rent Class C$18.66

The average asking rent for Class A and A+ office space stood at $20.65 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Memphis averaged $20.47 per square foot, while the average for Class C space was $18.66 per square foot.

What is the average office rent per square foot by property class in TN?

  • Avg. Asking Rent Class A & A+$30.58
  • Avg. Asking Rent Class B$25.17
  • Avg. Asking Rent Class C$16.00

For comparison, the average rent for Class A and A+ office space in Tennessee was $30.58 per square foot. The state-wide average for Class B space was $25.17 per square foot, and Class C office spaces averaged $16.00 per square foot.

Memphis, TN Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Memphis was Memphis - Poplar Corridor at 12.00%. Meanwhile, the highest office vacancy rate in the market was 33.94%, recorded in Memphis - Airport.
Submarket Asking Rents Vacancy Rates
Memphis - East $24.63 15.78%
Memphis - Poplar Corridor $22.85 12.00%
Memphis - Airport $22.05 33.94%
Memphis - Downtown $19.70 26.47%
Memphis - SR 385 Corridor $19.32 31.98%
Memphis - Cordova $17.00 27.82%
Memphis - Northeast $16.77 16.76%
Data provided by Yardi Research

Explore Top Office Markets in Tennessee

2025 Office Sales Volume

  • $100.092025 Avg. Price per SF
  • $157.7M2025 Office Sales Volume
  • 132025 Number of Transactions

What is the average sale price per square foot for office space in Memphis?

Average sale prices for office space in this market recorded a +51.48% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $100.09 per square foot. For comparison, the statewide Tennessee average during the same time period stood at $157.29 per square foot, while the national average was $182.48 per square foot.

Memphis, TN Sale Price per SF Trend

  • Memphis Avg. Sale Price per SF in 2025$100.09
  • Tennessee Avg. Sale Price per SF in 2025$157.29

What was the total office sales volume in Memphis in 2025?

The local office market recorded 13 deals in 2025, adding up to a yearly sales volume of $157.7M.

  • Memphis, TN Total Office Sales Volume in 2025 $157.7M
  • Memphis, TN Total Number of Office Sales Closed in 2025 13

What were the largest office building sales in Memphis in 2025?

The market’s largest transaction last year was the sale of Renaissance Center for $33,500,000 on 12/3/2025.
The next-highest sale was the transaction involving 3495 Hacks Cross Road, which traded for $27,900,000. The third-largest transaction was the sale of 495 Union Avenue - West Building for $16,900,000.

Property name Address Date Price
Renaissance Center 1715 Aaron Brenner Drive 12/3/2025 $33,500,000
3495 Hacks Cross Road 3495 Hacks Cross Road 10/21/2025 $27,900,000
495 Union Avenue - West Building 495 Union Avenue 4/1/2025 $16,900,000
Indigo Plaza 50 South B.B. King Blvd 10/30/2025 $7,500,000
Primacy III 6060 Primacy Pkwy 6/13/2025 $6,554,250
Data provided by Yardi Research

Office Construction in Memphis, TN

What are the largest recent office completions in Memphis?

The largest recent office completion here is Crosstown Concourse at 1,000,000 square feet, completed in 2017. The next largest completions are Peabody Place and 949 South Shady Grove Road.

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
6 W GE Patterson 6 W GE Patterson, 38103 3,330 2006
1840 Pyramid Place 1840 Pyramid Place, 38132 130,399 2004
Physicians Plaza of Bartlett 7865 Educators Lane, 38133 29,874 2004
8700 W Trail Lake Dr 8700 W Trail Lake Dr, 38125 40,004 2002
Peabody Place 150 Peabody Place, 38103 400,000 2001
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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.