2020 Office Space Rent & Sales
- $26.96 2020 Avg. Asking Rent
- -0.88% Y-o-Y Avg. Asking Rent Change
- 16.84% 2020 Office Vacancy Rate
- $89.6M2020 Total Office Sales
- $120.04Avg. Sale Price/SF
Irving office price per square foot in 2020 was $26.96 on average. This marked a -0.88% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.84% across all asset classes combined. The 9 transactions that closed here throughout 2020 amounted to a total sale volume of $89.6M. Irving office space commanded an average sale price per square foot of $120.04.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Irving Class A Office Space$31.52
- Irving Class B Office Space$23.37
- Irving Class C Office Space$16.40
- Texas Class A Office Space$35.41
- Texas Class B Office Space$23.36
- Texas Class C Office Space$16.89
Irving, TX Office Asking Rents by Class
Average office rent in Irving rested at $26.96 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 Irving averaged $31.52 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.37 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.40 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.
Irving Office Sale Price per SF
Irving, TX Sale Price per SF Trend
- Irving Avg. Sale Price per SF in 2020$120.04
- Texas Avg. Sale Price per SF in 2020$216.82
2020 Office Sales Volume
- Irving, TX Total Office Sales Volume in 2020 $89.6M
- Irving, TX Total Number of Office Sales Closed in 2020 9
Largest Irving Office Sales in 2020
|Gateway Medical Center||6121 North State Hwy 161||9/22/2020||$29,521,000|
|2901 Kinwest Pkwy||2901 Kinwest Pkwy||3/20/2020||$20,263,000|
|Valley Centre||9901 Valley Ranch Pkwy East||3/26/2020||$10,000,000|
|Hills at Decker Court||100 Decker Court||4/2/2020||$9,286,000|
|1400 Corporate Drive||1400 Corporate Drive||7/7/2020||$5,171,000|
2020 Office Construction in Irving, TX
- Irving, TX Total SF completed in 2020 731,156
- Irving, TX Total SF under construction in 2021 28,000
During 2020, 731,156 square feet of new office space were delivered across the market. At the close of 2020, the Irving office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 731,156 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 28,000 square feet of office space to the market, before year-end.
|3240 Royalty Row||3240 Royalty Row, 75062||48,970||2022|
|3308 Royalty Row||3308 Royalty Row, 75062||43,565||2022|
|2101 Kinwest Pkwy||2101 Kinwest Pkwy, 75063||39,627||2022|
|4871 Valley Ridge Drive||4871 Valley Ridge Drive, 75062||28,000||2022|
|3300 Royalty Row||3300 Royalty Row, 75062||26,600||2022|
|Gateway Medical Center||6121 North State Hwy 161, 75063||70,000||2020|
|Pioneer Natural Resources Headquarters||777 Hidden Ridge Drive, 75038||1,125,000||2019|
|Irving IT Park - 1410 Westridge Circle North||1410 Westridge Circle North, 75038||34,188||2019|
|Royal 10 Office Center||3600 West Royal Lane, 75063||114,500||2018|
|Gateway 161 - 6161 State Highway 161||6161 State Highway 161, 75063||95,000||2018|
Worth noting among recent office completions on the Irving market is 3240 Royalty Row, which is currently the largest new office development in the city, at 48,970 square feet.
See reports for nearby markets
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 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.