Brentwood Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $28.87 2020 Avg. Asking Rent
  • 3.17% Y-o-Y Avg. Asking Rent Change
  • 15.49% 2020 Office Vacancy Rate
  • $110.9M2020 Total Office Sales
  • $239.22Avg. Sale Price/SF

Brentwood office price per square foot in 2020 was $28.87 on average. This marked a +3.17% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.49% across all asset classes combined. The 4 transactions that closed here throughout 2020 amounted to a total sale volume of $110.9M. Brentwood office space commanded an average sale price per square foot of $239.22.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Brentwood Class A Office Space$31.69
  • Brentwood Class B Office Space$27.13
  • Brentwood Class C Office Space$20.50
  • Tennessee Class A Office Space$32.84
  • Tennessee Class B Office Space$22.02
  • Tennessee Class C Office Space$18.28

Brentwood, TN Office Asking Rents by Class

Average office rent in Brentwood rested at $28.87 per square foot in 2020. 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 Brentwood averaged $31.69 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.13 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.50 per square foot, on average. Comparably, statewide Tennessee average office rents by class in 2020 were: $32.84 per square foot for class A office space; $22.02 per square foot for class B office space; $18.28 per square foot for class C office space.

2020 Office Vacancy Rates in Brentwood

Submarket Asking Rents Vacancy Rates
Far South Nashville $32.26 17.63%
Brentwood $28.82 15.90%
Franklin $26.98 7.54%
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 Brentwood market was 15.49% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Brentwood was 7.54% in the Franklin submarket, while the highest office vacancy in the market was 17.63%, recorded in Far South Nashville.

Office Spaces for Rent in Tennessee

Brentwood Office Sale Price per SF

  • $239.222020 Avg. Price per SF
  • 14.77%Y-o-Y Avg. PpSF Change
  • $110.9M2020 Office Sales Volume
  • 42020 Number of Transactions

Brentwood, TN Sale Price per SF Trend

  • Brentwood Avg. Sale Price per SF in 2020$239.22
  • Tennessee Avg. Sale Price per SF in 2020$236.33
Brentwood office space cost in 2020 marked a +14.77% change compared to the previous year. The sale price for office space in Brentwood averaged $239.22 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Tennessee average office sale price during the same time period was $236.33 per square foot.

2020 Office Sales Volume

  • Brentwood, TN Total Office Sales Volume in 2020 $110.9M
  • Brentwood, TN Total Number of Office Sales Closed in 2020 4
A total of 4 deals closed on the Brentwood office market in 2020, adding up to a yearly sales volume of $110.9M. Notably, the largest transaction on the market saw Maryland Farms Office Park - Gateway Plaza II change hands for $30,000,000 on 2/26/2020.

Largest Brentwood Office Sales in 2020

Property name Address Date Price
Maryland Farms Office Park - Gateway Plaza II 5500 Maryland Way 2/26/2020 $30,000,000
Maryland Farms Office Park - Park Center II 5250 Virginia Way 2/26/2020 $25,185,940
Maryland Farms Office Park - Park Center I 5200 Virginia Way 2/26/2020 $25,179,060
Maryland Farms Office Park - Virginia Way Plaza 5141 Virginia Way 4/30/2020 $19,200,000
1005 Flagpole Court 1005 Flagpole Court 10/23/2020 $6,350,000
Data provided by Commercial Edge

2020 Office Construction in Brentwood, TN

  • Brentwood, TN Total SF completed in 2020 432,500

During 2020, 432,500 square feet of new office space were delivered across the market. At the close of 2020, the Brentwood office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 432,500 square feet of office space.

Largest Office Properties Recently Completed in Brentwood
Office building Address SF Completed
Brentwood Commons IV 750 Old Hickory Blvd, 37027 119,500 2020
Tristar Health Park 1001 Health Park Drive, 37027 119,000 2020
Maryland Farms Office Park - Virginia Springs - Building 2 5511 Virginia Way, 37027 111,000 2020
Hill Center Brentwood - Building H 219 Franklin Road, 37027 83,000 2020
Maryland Farms Office Park - Virginia Springs - Building 1 5501 Virginia Way, 37027 113,000 2019
1648 Westgate Circle 1648 Westgate Circle, 37027 29,032 2019
Heritage Medical Associates Westgate Office 1622 Westgate Circle, 37027 63,468 2018
Seven Springs II 310 Seven Springs Way, 37027 130,000 2017
Hill Center Brentwood - Building A 211 Franklin Road, 37027 79,000 2017
Dimension at Mallory Park - 1569 Mallory Lane 1569 Mallory Lane, 37027 63,236 2017

Worth noting among recent office completions on the Brentwood market is Brentwood Commons IV, which is currently the largest new office development in the city, at 119,500 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Brentwood 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.