2024 Office Space Rent & Sales
- $30.18 2024 Avg. Asking Rent
- 0.96% Y-o-Y Avg. Asking Rent Change
- 25.67% 2024 Office Vacancy Rate
- $297.3M2024 Total Office Sales
- $87.99Avg. Sale Price/SF
Houston office price per square foot in 2024 was $30.18 on average. This marked a +0.96% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 25.67% across all asset classes combined. The 25 transactions that closed here throughout 2024 amounted to a total sale volume of $297.3M. Houston office space commanded an average sale price per square foot of $87.99.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2024 Average Office Rent per Square Foot
- Houston Class A & A+ Office Space$34.50
- Houston Class B Office Space$22.62
- Houston Class C Office Space$17.21
- Texas Class A & A+ Office Space$38.26
- Texas Class B Office Space$24.71
- Texas Class C Office Space$19.84
Houston, TX Office Asking Rents by Class
Average office rent in Houston rested at $30.18 per square foot in 2024. 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 $34.50 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.62 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.21 per square foot, on average. Comparably, statewide Texas average office rents by class in 2024 were: $38.26 per square foot for class A office space; $24.71 per square foot for class B office space; $19.84 per square foot for class C office space.
2024 Office Vacancy Rates in Houston
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Central Business District | $38.60 | 25.64% |
| Memorial Villages | $37.65 | 7.74% |
| Briar Hollow | $37.20 | 23.83% |
| Neartown | $37.10 | 11.10% |
| Greenway - Upper Kirby | $34.20 | 23.91% |
| South Houston | $34.02 | 22.12% |
| Galleria | $33.86 | 24.02% |
| Midtown | $33.63 | 16.31% |
| Briargrove | $31.88 | 19.45% |
| Medical Center | $31.40 | 21.55% |
| Bellaire | $29.17 | 24.75% |
| Beltway 8 | $28.62 | 27.48% |
| Energy Corridor | $27.42 | 25.69% |
| Westchase | $27.00 | 37.53% |
| West Houston | $26.28 | 16.67% |
| Cypress West | $26.12 | 45.78% |
| East Houston | $25.92 | 10.18% |
| Tanglewood | $25.50 | 18.14% |
| Houston East End | $25.10 | 11.99% |
| Kingwood | $23.86 | 17.34% |
| North Loop | $23.03 | 17.24% |
| Clear Lake | $22.66 | 16.54% |
| Fairbanks | $21.03 | 22.83% |
| Greenspoint | $20.84 | 38.14% |
| Sharpstown | $18.80 | 42.68% |
| Cypress East | $18.76 | 35.16% |
| Westwood | $18.59 | 33.54% |
Houston Office Sale Price per SF
- $87.992024 Avg. Price per SF
- -24.35%Y-o-Y Avg. PpSF Change
- $297.3M2024 Office Sales Volume
- 252024 Number of Transactions
Houston, TX Sale Price per SF Trend
- Houston Avg. Sale Price per SF in 2024$87.99
- Texas Avg. Sale Price per SF in 2024$150.73
2024 Office Sales Volume
- Houston, TX Total Office Sales Volume in 2024 $297.3M
- Houston, TX Total Number of Office Sales Closed in 2024 25
Largest Houston Office Sales in 2024
| Property name | Address | Date | Price |
|---|---|---|---|
| Southwest Corporate Center | 9700 Bissonnet Street | 6/24/2024 | $18,620,250 |
| Noble Energy Center I | 1001 Noble Energy Way | 12/27/2024 | $18,200,000 |
| Offices at Greenhouse, The | 19219 Katy Fwy | 7/24/2024 | $17,600,000 |
| 3100 Timmons Lane | 3100 Timmons Lane | 8/27/2024 | $10,500,000 |
| 15344 Vantage Pkwy East | 15344 Vantage Pkwy East | 8/29/2024 | $4,857,000 |
Coworking Spaces in Texas
- Houston Coworking Space
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- Chattanooga Coworking Space
2024 Office Construction in Houston, TX
- Houston, TX Total SF completed in 2024 568,473
- Houston, TX Total SF under construction in 2025 681,044
During 2024, 568,473 square feet of new office space were delivered across the market. At the close of 2024, the Houston office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 568,473 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 681,044 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 18247 Katy Fwy, Suite 200 | 18247 Katy Fwy, Suite 200, 77094 | 7,000 | 2025 |
| 1550 on the Green | 1550 Lamar Street, 77010 | 382,000 | 2024 |
| Block 10 West Medical | 10498 Old Katy Road, 77043 | 175,000 | 2024 |
| Synott Flex Retail Center | 10555 Synott Road, 77498 | 29,400 | 2024 |
| 9753 Katy Freeway | 9753 Katy Fwy, 77024 | 188,550 | 2023 |
| East River One | 2940 Riverby Road, 77020 | 96,500 | 2023 |
| East River Two | 2920 Riverby Road, 77020 | 72,100 | 2023 |
| The Studios at East River | 2850 Clinton Drive, 77020 | 30,000 | 2023 |
| Museo - 5115 Fannin | 5115 Fannin Street, 77004 | 153,775 | 2022 |
| 3120 Southwest Fwy | 3120 Southwest Fwy, 77098 | 151,752 | 2022 |
Worth noting among recent office completions on the Houston market is 18247 Katy Fwy, Suite 200, which is currently the largest new office development in the city, at 7,000 square feet.
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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.