Irving Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $28.66 2022 Avg. Asking Rent
  • 19.82% 2022 Office Vacancy Rate
  • $337.8M2022 Total Office Sales
  • $197.32Avg. Sale Price/SF

Irving office price per square foot in 2022 was $28.66 on average. The local office market recorded an average vacancy rate of 19.82% across all asset classes combined. The 10 transactions that closed here throughout 2022 amounted to a total sale volume of $337.8M. Irving office space commanded an average sale price per square foot of $197.32.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Irving Class A & A+ Office Space$30.75
  • Irving Class B Office Space$26.35
  • Irving Class C Office Space$16.53
  • Texas Class A & A+ Office Space$36.30
  • Texas Class B Office Space$24.60
  • Texas Class C Office Space$20.70

Irving, TX Office Asking Rents by Class

Average office rent in Irving rested at $28.66 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 Irving averaged $30.75 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.35 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.53 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.

Office Spaces for Rent in Texas

Irving Office Sale Price per SF

  • $197.322022 Avg. Price per SF
  • 18.08%Y-o-Y Avg. PpSF Change
  • $337.8M2022 Office Sales Volume
  • 102022 Number of Transactions

Irving, TX Sale Price per SF Trend

  • Irving Avg. Sale Price per SF in 2022$197.32
  • Texas Avg. Sale Price per SF in 2022$181.27
Irving office space cost in 2022 marked a +18.08% change compared to the previous year. The sale price for office space in Irving averaged $197.32 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Texas average office sale price during the same time period was $181.27 per square foot.

2022 Office Sales Volume

  • Irving, TX Total Office Sales Volume in 2022 $337.8M
  • Irving, TX Total Number of Office Sales Closed in 2022 10
A total of 10 deals closed on the Irving office market in 2022, adding up to a yearly sales volume of $337.8M. Notably, the largest transaction on the market saw Riverside Commons change hands for $81,408,000 on 8/9/2022.

Largest Irving Office Sales in 2022

Property name Address Date Price
Riverside Commons 5000 Riverside Drive 8/9/2022 $81,408,000
5244 Bear Creek Court 5244 Bear Creek Court 4/22/2022 $4,041,538
Data provided by Commercial Edge

Coworking Spaces in Texas

2022 Office Construction in Irving, TX

  • Irving, TX Total SF completed in 2022 42,000
  • Irving, TX Total SF under construction in 2023 504,000

During 2022, 42,000 square feet of new office space were delivered across the market. At the close of 2022, the Irving office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 42,000 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 504,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Irving
Office building Address SF Completed
Phase II 750 W John Carpenter Fwy, 75039 312,264 2023
Gateway Medical Center 6121 North State Hwy 161, 75063 70,000 2020
Irving IT Park - 1410 Westridge Circle North 1410 Westridge Circle North, 75038 34,188 2019
Gateway 161 - 6161 State Highway 161 6161 State Highway 161, 75063 95,000 2018
Baylor Scott & White Medical Center MOB III 2005 W Park Dr, 75061 56,470 2018
Cypress Waters - CoreLogic Headquarters 3001 Hackberry Road, 75063 327,183 2017
Connection Park II 4795 Regent Blvd, 75063 160,638 2017
Connection Park II 4795 Regent Blvd, 75063 141,219 2017
Bella Casita 851 Lake Carolyn Pkwy, 75039 4,661 2007
2700-3040 Ranch Trail & 2851 West Interstate 2700 Ranch Trail, 75063 241,275 2006

Worth noting among recent office completions on the Irving market is Phase II, which is currently the largest new office development in the city, at 312,264 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 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 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.