2020 Office Space Rent & Sales
- $30.34 2020 Avg. Asking Rent
- 2.55% Y-o-Y Avg. Asking Rent Change
- 22.37% 2020 Office Vacancy Rate
- $1.1B2020 Total Office Sales
- $329.27Avg. Sale Price/SF
Houston office price per square foot in 2020 was $30.34 on average. This marked a +2.55% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 22.37% across all asset classes combined. The 19 transactions that closed here throughout 2020 amounted to a total sale volume of $1.1B. Houston office space commanded an average sale price per square foot of $329.27.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Houston Class A Office Space$35.48
- Houston Class B Office Space$21.00
- Houston Class C Office Space$14.20
- Texas Class A Office Space$35.41
- Texas Class B Office Space$23.36
- Texas Class C Office Space$16.89
Houston, TX Office Asking Rents by Class
Average office rent in Houston rested at $30.34 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 Houston averaged $35.48 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.00 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.20 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 Vacancy Rates in Houston
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Central Business District | $40.12 | 24.85% |
| Briar Hollow | $38.26 | 31.60% |
| Midtown | $35.92 | 12.69% |
| Galleria | $35.01 | 16.44% |
| Memorial Villages | $34.55 | 10.78% |
| Neartown | $34.31 | 14.97% |
| West Houston | $32.20 | 23.94% |
| Greenway - Upper Kirby | $29.99 | 10.88% |
| Tanglewood | $29.75 | 19.62% |
| Briargrove | $28.25 | 13.14% |
| Medical Center | $28.13 | 9.59% |
| Beltway 8 | $27.54 | 20.91% |
| Energy Corridor | $27.27 | 24.29% |
| Cypress West | $26.28 | 23.08% |
| Westchase | $23.77 | 23.63% |
| North Loop | $23.05 | 18.10% |
| Clear Lake | $22.22 | 22.87% |
| Greenspoint | $19.37 | 48.16% |
| South Houston | $18.89 | 14.89% |
| Westwood | $18.08 | 26.99% |
| Fairbanks | $17.87 | 27.41% |
| East Houston | $17.45 | 17.36% |
| Sharpstown | $16.73 | 32.60% |
| Cypress East | $16.64 | 24.74% |
Office Spaces for Rent in Texas
- Houston Office Space
- Austin Office Space
- San Antonio Office Space
- Dallas Office Space
- Fort Worth Office Space
- Plano Office Space
- Irving Office Space
- Richardson Office Space
- El Paso Office Space
- Round Rock Office Space
- Arlington Office Space
- Frisco Office Space
- Georgetown Office Space
- Lubbock Office Space
- Amarillo Office Space
Houston Office Sale Price per SF
- $329.272020 Avg. Price per SF
- $1.1B2020 Office Sales Volume
- 192020 Number of Transactions
Houston, TX Sale Price per SF Trend
- Houston Avg. Sale Price per SF in 2020$329.27
- Texas Avg. Sale Price per SF in 2020$216.82
2020 Office Sales Volume
- Houston, TX Total Office Sales Volume in 2020 $1.1B
- Houston, TX Total Number of Office Sales Closed in 2020 19
Largest Houston Office Sales in 2020
| Property name | Address | Date | Price |
|---|---|---|---|
| 609 Main at Texas | 609 Main Street | 3/18/2020 | $675,000,000 |
| Kirby Grove | 2925 Richmond Avenue | 2/19/2020 | $115,000,000 |
| 2900 Weslayan | 2900 Weslayan Street | 1/30/2020 | $27,643,000 |
| Two Chasewood | 20405 State Highway 249 | 8/31/2020 | $21,702,080 |
| 7660 Woodway Drive | 7660 Woodway Drive | 3/13/2020 | $19,739,000 |
Coworking Spaces in Texas
- Houston Coworking Space
- Dallas Coworking Space
- Austin Coworking Space
- Plano Coworking Space
- San Antonio Coworking Space
- Fort Worth Coworking Space
- Frisco Coworking Space
- Irving Coworking Space
- Sugar Land Coworking Space
- Allen Coworking Space
- McKinney Coworking Space
- Addison Coworking Space
- Katy Coworking Space
- Southlake Coworking Space
2020 Office Construction in Houston, TX
- Houston, TX Total SF completed in 2020 684,182
- Houston, TX Total SF under construction in 2021 3,246,649
During 2020, 684,182 square feet of new office space were delivered across the market. At the close of 2020, the Houston office inventory included 11 buildings equal to or larger than 25,000 square feet, which comprised 684,182 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 3,246,649 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| POST Houston | 401 Franklin Street, 77201 | 550,000 | 2022 |
| Museo - 5115 Fannin | 5115 Fannin Street, 77004 | 153,775 | 2022 |
| Two Fannin | 7500 Fannin Street, 77054 | 119,113 | 2022 |
| Texas Tower | 845 Texas Avenue, 77002 | 1,101,856 | 2021 |
| Post Oak Place | 1801 Post Oak Blvd, 77027 | 105,000 | 2021 |
| M-K-T Buildings II & V | 600 North Shepherd Drive, 77077 | 72,595 | 2020 |
| River Oak Surgical Center | 3720 Westheimer Road, 77027 | 59,744 | 2020 |
| One Emancipation Center | 3131 Emancipation Avenue, 77004 | 55,814 | 2020 |
| 3201 Allen | 3201 Allen Pkwy, 77019 | 42,000 | 2020 |
| The Offices at North Post Oak | 1242 North Post Oak, 77055 | 3,300 | 2020 |
Worth noting among recent office completions on the Houston market is POST Houston, which is currently the largest new office development in the city, at 550,000 square feet.
See reports for other markets
- Austin Office Rent Price
- San Antonio Office Rent Price
- Dallas Office Rent Price
- Fort Worth Office Rent Price
- Plano Office Rent Price
- Irving Office Rent Price
- Richardson Office Rent Price
- The Woodlands Office Rent Price
- Arlington Office Rent Price
- Sugar Land Office Rent Price
- Spring Office Rent Price
- Katy Office Rent Price
- Conroe Office Rent Price
- Kingwood Office Rent Price
- Pearland Office Rent Price
- Humble 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 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 Houston 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.