2022 Office Space Rent & Sales
- $31.00 2022 Avg. Asking Rent
- 3.91% Y-o-Y Avg. Asking Rent Change
- 24.52% 2022 Office Vacancy Rate
- $734.8M2022 Total Office Sales
- $94.14Avg. Sale Price/SF
Houston office price per square foot in 2022 was $31.00 on average. This marked a +3.91% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 24.52% across all asset classes combined. The 42 transactions that closed here throughout 2022 amounted to a total sale volume of $734.8M. Houston office space commanded an average sale price per square foot of $94.14.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Houston Class A & A+ Office Space$35.81
- Houston Class B Office Space$21.87
- Houston Class C Office Space$15.68
- Texas Class A & A+ Office Space$36.30
- Texas Class B Office Space$24.60
- Texas Class C Office Space$20.70
Houston, TX Office Asking Rents by Class
Average office rent in Houston rested at $31.00 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 Houston averaged $35.81 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.87 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.68 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 Houston
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Central Business District | $40.13 | 29.82% |
| Midtown | $38.03 | 9.26% |
| Briar Hollow | $36.78 | 17.93% |
| Galleria | $34.39 | 22.23% |
| Neartown | $34.22 | 14.12% |
| Houston East End | $33.72 | 23.39% |
| Greenway - Upper Kirby | $32.62 | 12.82% |
| Memorial Villages | $31.95 | 10.57% |
| Beltway 8 | $30.93 | 36.44% |
| Medical Center | $30.75 | 19.91% |
| West Houston | $29.30 | 12.47% |
| Bellaire | $29.05 | 23.22% |
| Cypress West | $27.86 | 26.30% |
| Briargrove | $27.46 | 20.86% |
| Energy Corridor | $26.81 | 25.68% |
| Tanglewood | $26.23 | 12.28% |
| South Houston | $25.83 | 9.28% |
| Westchase | $25.55 | 31.56% |
| Clear Lake | $25.51 | 13.58% |
| Kingwood | $23.47 | 16.71% |
| Westwood | $23.00 | 22.35% |
| North Loop | $22.80 | 8.57% |
| East Houston | $22.46 | 14.84% |
| Sharpstown | $19.81 | 25.64% |
| Fairbanks | $18.80 | 21.48% |
| Cypress East | $17.95 | 41.55% |
| Greenspoint | $17.15 | 42.00% |
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
- Frisco Office Space
- Arlington Office Space
- Lubbock Office Space
- Sugar Land Office Space
- Corpus Christi Office Space
- Round Rock Office Space
Houston Office Sale Price per SF
- $94.142022 Avg. Price per SF
- -34.88%Y-o-Y Avg. PpSF Change
- $734.8M2022 Office Sales Volume
- 422022 Number of Transactions
Houston, TX Sale Price per SF Trend
- Houston Avg. Sale Price per SF in 2022$94.14
- Texas Avg. Sale Price per SF in 2022$181.27
2022 Office Sales Volume
- Houston, TX Total Office Sales Volume in 2022 $734.8M
- Houston, TX Total Number of Office Sales Closed in 2022 42
Largest Houston Office Sales in 2022
| Property name | Address | Date | Price |
|---|---|---|---|
| Park at Champions | 13810 Champion Forest Drive | 4/8/2022 | $6,280,000 |
| Champion Forest Office Building | 13231 Champion Forest Drive | 4/8/2022 | $6,220,000 |
Coworking Spaces in Texas
- Houston Coworking Space
- Atlanta Coworking Space
- Dallas Coworking Space
- Austin Coworking Space
- San Antonio Coworking Space
- Plano Coworking Space
- Fort Worth Coworking Space
- Irving Coworking Space
- Frisco Coworking Space
- Sugar Land Coworking Space
- Arlington Coworking Space
- Katy Coworking Space
- McKinney Coworking Space
- Lubbock Coworking Space
- Spring Coworking Space
- Allen Coworking Space
- Richardson Coworking Space
- El Paso Coworking Space
- Addison Coworking Space
- Coppell Coworking Space
- Denton Coworking Space
- Grapevine Coworking Space
- Southlake Coworking Space
- Amarillo Coworking Space
- Conroe Coworking Space
- Keller Coworking Space
- Pearland Coworking Space
- Round Rock Coworking Space
- The Colony Coworking Space
- Waco Coworking Space
2022 Office Construction in Houston, TX
- Houston, TX Total SF completed in 2022 747,716
- Houston, TX Total SF under construction in 2023 2,736,157
During 2022, 747,716 square feet of new office space were delivered across the market. At the close of 2022, the Houston office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 747,716 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 2,736,157 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 1550 on the Green | 1550 Lamar Street, 77010 | 375,000 | 2023 |
| Levit Green - 3131 Holcombe Blvd | 3131 Holcombe Blvd, 77021 | 299,300 | 2023 |
| 9753 Katy Freeway | 9753 Katy Fwy, 77024 | 188,550 | 2023 |
| Parc Binz II | 1802 Binz Street, 77004 | 37,168 | 2023 |
| 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 |
| Barkers Village Square - Office Condos | 3670 Barkers Cypress Rd, 77084 | 9,600 | 2022 |
| Texas Tower | 845 Texas Avenue, 77002 | 1,101,856 | 2021 |
| Post Oak Place | 1801 Post Oak Blvd, 77027 | 105,000 | 2021 |
Worth noting among recent office completions on the Houston market is 1550 on the Green, which is currently the largest new office development in the city, at 375,000 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 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 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.