Irving Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.59 2023 Avg. Asking Rent
  • -0.24% Y-o-Y Avg. Asking Rent Change
  • 21.78% 2023 Office Vacancy Rate
  • $25.2M2023 Total Office Sales
  • $89.92Avg. Sale Price/SF

Irving office price per square foot in 2023 was $28.59 on average. This marked a -0.24% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.78% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $25.2M. Irving office space commanded an average sale price per square foot of $89.92.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Irving Class A & A+ Office Space$30.76
  • Irving Class B Office Space$25.48
  • Irving Class C Office Space$17.22
  • Texas Class A & A+ Office Space$36.17
  • Texas Class B Office Space$24.95
  • Texas Class C Office Space$31.07

Irving, TX Office Asking Rents by Class

Average office rent in Irving rested at $28.59 per square foot in 2023. 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 Irving averaged $30.76 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.48 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.22 per square foot, on average. Comparably, statewide Texas average office rents by class in 2023 were: $36.17 per square foot for class A office space; $24.95 per square foot for class B office space; $31.07 per square foot for class C office space.

Office Spaces for Rent in Texas

Irving Office Sale Price per SF

  • $89.922023 Avg. Price per SF
  • $25.2M2023 Office Sales Volume
  • 32023 Number of Transactions

Irving, TX Sale Price per SF Trend

  • Irving Avg. Sale Price per SF in 2023$89.92
  • Texas Avg. Sale Price per SF in 2023$166.66
The sale price for office space in Irving averaged $89.92 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Texas average office sale price during the same time period was $166.66 per square foot.

2023 Office Sales Volume

  • Irving, TX Total Office Sales Volume in 2023 $25.2M
  • Irving, TX Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Irving office market in 2023, adding up to a yearly sales volume of $25.2M. Notably, the largest transaction on the market saw Westway One change hands for $12,500,000 on 12/16/2023.
Data provided by Commercial Edge

Coworking Spaces in Texas

2023 Office Construction in Irving, TX

  • Irving, TX Total SF completed in 2023 507,250
  • Irving, TX Total SF under construction in 2024 26,200

During 2023, 507,250 square feet of new office space were delivered across the market. At the close of 2023, the Irving office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 507,250 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 26,200 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Irving
Office building Address SF Completed
840 Ranchview Dr 840 Ranchview Dr, 75063 8,000 2023
1193 W John Carpenter Fwy 1193 W John Carpenter Fwy, 75039 4,950 2021
Gateway Medical Center 6121 North State Highway 161, 75063 70,000 2020
Irving IT Park - 1410 Westridge Circle North 1410 Westridge Circle North, 75038 34,188 2019
The Music Factory 370 Las Colinas Blvd, 75039 166,698 2018
Gateway 161 - 6161 State Highway 161 6161 State Highway 161, 75063 95,000 2018
Medical Office Building III 2005 West Park Drive, 75061 58,585 2018
Cypress Waters - CoreLogic Headquarters 3001 Hackberry Road, 75063 327,183 2017
Connection Park II 4795 Regent Blvd, 75063 160,638 2017
5260 Valley View Lane 5260 Valley View Lane, 75038 20,000 2017

Worth noting among recent office completions on the Irving market is 840 Ranchview Dr, which is currently the largest new office development in the city, at 8,000 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Irving 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.