2022 Office Space Rent & Sales
- $36.64 2022 Avg. Asking Rent
- 0.79% Y-o-Y Avg. Asking Rent Change
- 17.28% 2022 Office Vacancy Rate
- $412.3M2022 Total Office Sales
- $358.87Avg. Sale Price/SF
Plano office price per square foot in 2022 was $36.64 on average. This marked a +0.79% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.28% across all asset classes combined. The 8 transactions that closed here throughout 2022 amounted to a total sale volume of $412.3M. Plano office space commanded an average sale price per square foot of $358.87.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Plano Class A & A+ Office Space$41.01
- Plano Class B Office Space$26.49
- Plano Class C Office Space$20.39
- Texas Class A & A+ Office Space$36.30
- Texas Class B Office Space$24.60
- Texas Class C Office Space$20.70
Plano, TX Office Asking Rents by Class
Average office rent in Plano rested at $36.64 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 Plano averaged $41.01 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.49 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.39 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 Plano
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Platinum Corridor North | $38.40 | 17.72% |
North Dallas | $27.04 | 18.55% |
Plano | $23.33 | 15.53% |
Plano Office Sale Price per SF
- $358.872022 Avg. Price per SF
- 7.36%Y-o-Y Avg. PpSF Change
- $412.3M2022 Office Sales Volume
- 82022 Number of Transactions
Plano, TX Sale Price per SF Trend
- Plano Avg. Sale Price per SF in 2022$358.87
- Texas Avg. Sale Price per SF in 2022$181.27
2022 Office Sales Volume
- Plano, TX Total Office Sales Volume in 2022 $412.3M
- Plano, TX Total Number of Office Sales Closed in 2022 8
Largest Plano Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Gateway at Legacy | 6860 Dallas Pkwy | 1/5/2022 | $74,286,000 |
Coworking Spaces in Texas
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2022 Office Construction in Plano, TX
- Plano, TX Total SF completed in 2022 497,400
- Plano, TX Total SF under construction in 2023 929,900
During 2022, 497,400 square feet of new office space were delivered across the market. At the close of 2022, the Plano office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 497,400 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 929,900 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Granite Park Six | 5525 Granite Pkwy, 75024 | 422,109 | 2023 |
121 Commerce Center - TERRA Building | 8560 Belleview Drive, 75024 | 100,000 | 2023 |
GRANITE PARK PROFESSIONAL OFFICE CONDOS | 5740 State Highway 121, 75024 | 33,600 | 2022 |
Towne Square II | 8400 Belleview Drive, 75024 | 80,051 | 2021 |
Apex at Legacy | 5801 Headquarters Drive, 75024 | 209,267 | 2020 |
International Business Park - 6201 West Plano Pkwy | 6201 West Plano Pkwy, 75093 | 171,333 | 2020 |
Village 121 - 8261 Belleview Drive | 8261 Belleview Drive, 75024 | 126,402 | 2020 |
Lakes on Tennyson Medical Office Condo Plano, TX 75024 | 5060 Tennyson Pkwy, Suite 301, 75024 | 30,525 | 2020 |
Liberty Mutual Tower at Legacy West I | 7900 Windrose Avenue, 75024 | 504,753 | 2018 |
Legacy West | 5908 Headquarters Dr, 75024 | 93,199 | 2018 |
Worth noting among recent office completions on the Plano market is Granite Park Six, which is currently the largest new office development in the city, at 422,109 square feet.
See reports for other markets
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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 Plano 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.