2021 Office Space Rent & Sales
- $18.77 2021 Avg. Asking Rent
- 1.14% Y-o-Y Avg. Asking Rent Change
- 16.28% 2021 Office Vacancy Rate
- $183.2M2021 Total Office Sales
- $126.18Avg. Sale Price/SF
Memphis office price per square foot in 2021 was $18.77 on average. This marked a +1.14% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.28% across all asset classes combined. The 16 transactions that closed here throughout 2021 amounted to a total sale volume of $183.2M. Memphis office space commanded an average sale price per square foot of $126.18.
Average Rent by Office Class
2021 Average Office Rent per Square Foot
- Memphis Class A & A+ Office Space$19.89
- Memphis Class B Office Space$18.52
- Memphis Class C Office Space$15.40
- Tennessee Class A & A+ Office Space$31.28
- Tennessee Class B Office Space$21.79
- Tennessee Class C Office Space$17.11
Memphis, TN Office Asking Rents by Class
Average office rent in Memphis rested at $18.77 per square foot in 2021. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Memphis averaged $19.89 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.52 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.40 per square foot, on average. Comparably, statewide Tennessee average office rents by class in 2021 were: $31.28 per square foot for class A office space; $21.79 per square foot for class B office space; $17.11 per square foot for class C office space.
2021 Office Vacancy Rates in Memphis
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Memphis - Poplar Corridor | $24.27 | 7.53% |
Memphis - Downtown | $18.49 | 23.80% |
Memphis - SR 385 Corridor | $18.00 | 26.47% |
Memphis - East | $17.97 | 15.58% |
Memphis - Northeast | $17.43 | 28.72% |
Memphis Office Sale Price per SF
- $126.182021 Avg. Price per SF
- 19.02%Y-o-Y Avg. PpSF Change
- $183.2M2021 Office Sales Volume
- 162021 Number of Transactions
Memphis, TN Sale Price per SF Trend
- Memphis Avg. Sale Price per SF in 2021$126.18
- Tennessee Avg. Sale Price per SF in 2021$209.25
2021 Office Sales Volume
- Memphis, TN Total Office Sales Volume in 2021 $183.2M
- Memphis, TN Total Number of Office Sales Closed in 2021 16
Largest Memphis Office Sales in 2021
Property name | Address | Date | Price |
---|---|---|---|
Crescent Center | 6075 Poplar Avenue | 9/28/2021 | $67,500,000 |
Ridgeway Center - 860 Ridge Lake Blvd | 860 Ridge Lake Blvd | 6/24/2021 | $26,900,000 |
3495 Hacks Cross Road | 3495 Hacks Cross Road | 2/15/2021 | $24,441,600 |
Briarcrest Professional Building | 6286 Briarcrest Avenue | 4/22/2021 | $21,250,000 |
One Memphis Place | 200 Jefferson Avenue | 8/24/2021 | $15,270,000 |
Coworking Spaces in Tennessee
- Atlanta Coworking Space
- Chicago Coworking Space
- Miami Coworking Space
- Philadelphia Coworking Space
- Charlotte Coworking Space
- Nashville Coworking Space
- Tampa Coworking Space
- Indianapolis Coworking Space
- Columbus Coworking Space
- Raleigh Coworking Space
- Orlando Coworking Space
- Pittsburgh Coworking Space
- Jacksonville Coworking Space
- Kansas City Coworking Space
- Memphis Coworking Space
- Knoxville Coworking Space
- Brentwood Coworking Space
- Franklin Coworking Space
- Chattanooga Coworking Space
- Murfreesboro Coworking Space
2021 Office Construction in Memphis, TN
- Memphis, TN Total SF completed in 2021 45,000
- Memphis, TN Total SF under construction in 2022 80,000
During 2021, 45,000 square feet of new office space were delivered across the market. At the close of 2021, the Memphis office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 45,000 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 80,000 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
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 |
Automotive Sales Facility 1,500 SF on .925 AC | 2655 Mt Moriah Rd, 38115 | 1,500 | 2013 |
Triad Centre III | 6070 Poplar Avenue, 38119 | 148,810 | 2009 |
Ridgeway Center - 999 Shady Grove | 999 South Shady Grove Road, 38120 | 155,000 | 2008 |
62 North Main Street | 62 North Main Street, 38103 | 93,699 | 2008 |
5520 Summer Ave | 5520 Summer ave , 38134 | 6,060 | 2006 |
5520 Summer Ave | 5520 Summer ave , 38134 | 6,060 | 2006 |
1840 Pyramid Place | 1840 Pyramid Place, 38132 | 130,399 | 2004 |
Physicians Plaza of Bartlett | 7865 Educators Lane, 38133 | 29,874 | 2004 |
Worth noting among recent office completions on the Memphis market is Crosstown Concourse, which is currently the largest new office development in the city, at 1,000,000 square feet.
See reports for other markets
- Nashville Office Rent Price
- Franklin Office Rent Price
- Seattle Office Rent Price
- Los Angeles Office Rent Price
- Phoenix Office Rent Price
- Austin Office Rent Price
- Atlanta Office Rent Price
- San Francisco Office Rent Price
- Dallas Office Rent Price
- Denver Office Rent Price
- Charlotte Office Rent Price
- Miami Office Rent Price
- Chicago Office Rent Price
- New York City Office Rent Price
- San Antonio Office Rent Price
- Houston Office Rent Price
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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.