2020 Office Space Rent & Sales
- $24.77 2020 Avg. Asking Rent
- 0.56% Y-o-Y Avg. Asking Rent Change
- 9.11% 2020 Office Vacancy Rate
El Paso office price per square foot in 2020 was $24.77 on average. This marked a +0.56% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.11% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- El Paso Class A Office Space$30.58
- El Paso Class B Office Space$20.32
- El Paso Class C Office Space$18.32
- Texas Class A Office Space$35.41
- Texas Class B Office Space$23.36
- Texas Class C Office Space$16.89
El Paso, TX Office Asking Rents by Class
Average office rent in El Paso rested at $24.77 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 El Paso averaged $30.58 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.32 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.32 per square foot, on average. Comparably, statewide Texas average office rents by class in 2020 were: $35.41 per square foot for class A office space; $23.36 per square foot for class B office space; $16.89 per square foot for class C office space.
2020 Office Construction in El Paso, TX
- El Paso, TX Total SF completed in 2020 79,154
- El Paso, TX Total SF under construction in 2021 264,000
During 2020, 79,154 square feet of new office space were delivered across the market. At the close of 2020, the El Paso office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 79,154 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 264,000 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| The Paseo at Cimarron | 7451 Paso del Norte, 79911 | 38,800 | 2022 |
| WestStar Tower | 601 North Mesa Street, 79901 | 276,000 | 2021 |
| 1235 Airway Blvd | 1235 Airway Blvd, 79925 | 40,794 | 2020 |
| 1014 North Stanton Street | 1014 North Stanton Street, 79902 | 40,360 | 2020 |
| Dieter Medical Office Building | 1387 George Dieter Drive, 79936 | 52,400 | 2018 |
| El Paso Area Teachers Federal Credit Union - Operation Center | 1241 Pullman Drive, 79936 | 32,000 | 2018 |
| The Hospitals of Providence Transmountain Campus - Medical Office Building | 2000 Transmountain Road, 79911 | 110,000 | 2016 |
| 11577 Pellicano Drive | 11577 Pellicano Drive, 79936 | 83,504 | 2016 |
| 7650 San Felipe Drive | 7650 San Felipe Drive, 79912 | 150,000 | 2015 |
| Cardwell Collaborative Building | 5130 Gateway Blvd East, 79905 | 60,000 | 2015 |
Worth noting among recent office completions on the El Paso market is The Paseo at Cimarron, which is currently the largest new office development in the city, at 38,800 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 El Paso 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.