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% |
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
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
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 |
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.
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.
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.