Dallas Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $29.08 2022 Avg. Asking Rent
  • -3.65% Y-o-Y Avg. Asking Rent Change
  • 18.55% 2022 Office Vacancy Rate
  • $631.6M2022 Total Office Sales
  • $154.24Avg. Sale Price/SF

Dallas office price per square foot in 2022 was $29.08 on average. This marked a -3.65% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 18.55% across all asset classes combined. The 19 transactions that closed here throughout 2022 amounted to a total sale volume of $631.6M. Dallas office space commanded an average sale price per square foot of $154.24.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Dallas Class A & A+ Office Space$33.95
  • Dallas Class B Office Space$21.82
  • Dallas Class C Office Space$14.75
  • Texas Class A & A+ Office Space$36.30
  • Texas Class B Office Space$24.60
  • Texas Class C Office Space$20.70

Dallas, TX Office Asking Rents by Class

Average office rent in Dallas rested at $29.08 per square foot in 2022. 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 Dallas averaged $33.95 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.82 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.75 per square foot, on average. Comparably, statewide Texas average office rents by class in 2022 were: $36.30 per square foot for class A office space; $24.60 per square foot for class B office space; $20.70 per square foot for class C office space.

2022 Office Vacancy Rates in Dallas

Submarket Asking Rents Vacancy Rates
Uptown/Oak Lawn $45.88 11.74%
Preston Hollow $42.77 7.33%
Platinum Corridor South $31.50 16.36%
East Dallas $30.80 12.92%
Dallas Central Business District $29.78 24.31%
Las Colinas $28.56 19.06%
North Dallas $27.04 18.55%
Central Expressway $26.24 11.56%
Telecom Corridor $22.09 17.88%
West Dallas $19.56 20.78%
South Dallas $18.00 8.57%
Northwest Dallas $17.93 15.79%
Lake Highlands $17.47 24.62%
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 Dallas market was 18.55% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Dallas was 7.33% in the Preston Hollow submarket, while the highest office vacancy in the market was 24.62%, recorded in Lake Highlands.

Office Spaces for Rent in Texas

Dallas Office Sale Price per SF

  • $154.242022 Avg. Price per SF
  • -47.44%Y-o-Y Avg. PpSF Change
  • $631.6M2022 Office Sales Volume
  • 192022 Number of Transactions

Dallas, TX Sale Price per SF Trend

  • Dallas Avg. Sale Price per SF in 2022$154.24
  • Texas Avg. Sale Price per SF in 2022$181.27
Dallas office space cost in 2022 marked a -47.44% change compared to the previous year. The sale price for office space in Dallas averaged $154.24 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Texas average office sale price during the same time period was $181.27 per square foot.

2022 Office Sales Volume

  • Dallas, TX Total Office Sales Volume in 2022 $631.6M
  • Dallas, TX Total Number of Office Sales Closed in 2022 19
A total of 19 deals closed on the Dallas office market in 2022, adding up to a yearly sales volume of $631.6M. Notably, the largest transaction on the market saw Park Central 7 change hands for $34,060,120 on 11/21/2022.

Largest Dallas Office Sales in 2022

Property name Address Date Price
Park Central 7 12750 Merit Drive 11/21/2022 $34,060,120
7800 Ricchi Tower 7800 North Stemmons Fwy 9/23/2022 $14,000,000
9250 Amberton Pkwy 9250 Amberton Pkwy 2/11/2022 $7,040,000
Data provided by Commercial Edge

Coworking Spaces in Texas

2022 Office Construction in Dallas, TX

  • Dallas, TX Total SF completed in 2022 839,672
  • Dallas, TX Total SF under construction in 2023 2,093,202

During 2022, 839,672 square feet of new office space were delivered across the market. At the close of 2022, the Dallas office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 839,672 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 2,093,202 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Dallas
Office building Address SF Completed
Maple Terrace 3001 Maple Ave, 75201 157,000 2023
River Edge 161 Riveredge Drive, 75207 146,956 2023
The Epic II 2500 Pacific Avenue, 75226 485,000 2022
Victory Commons One 2601 Victory Avenue, 75219 364,530 2021
The Link at Uptown 2601 Olive Street, 75201 301,321 2021
Weir's Plaza 4550 Travis St, 75205 297,000 2021
The Stack at Deep Ellum 2700 Commerce Street, 75226 207,299 2021
Prestonwood Place 5294 Belt Line Road, 75254 155,975 2021
Pavilion III MOB 12228 North Central Expwy, 75243 107,188 2021
1801 Wittington Place 1801 Wittington Place, 75234 96,592 2021

Worth noting among recent office completions on the Dallas market is Maple Terrace, which is currently the largest new office development in the city, at 157,000 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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Dallas 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.