Plano Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $33.13 2020 Avg. Asking Rent
  • -2.39% Y-o-Y Avg. Asking Rent Change
  • 16.12% 2020 Office Vacancy Rate
  • $245.2M2020 Total Office Sales
  • $246.25Avg. Sale Price/SF

Plano office price per square foot in 2020 was $33.13 on average. This marked a -2.39% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.12% across all asset classes combined. The 8 transactions that closed here throughout 2020 amounted to a total sale volume of $245.2M. Plano office space commanded an average sale price per square foot of $246.25.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Plano Class A Office Space$36.21
  • Plano Class B Office Space$24.52
  • Plano Class C Office Space$20.45
  • Texas Class A Office Space$35.41
  • Texas Class B Office Space$23.36
  • Texas Class C Office Space$16.89

Plano, TX Office Asking Rents by Class

Average office rent in Plano rested at $33.13 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 Plano averaged $36.21 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.52 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.45 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.

2020 Office Vacancy Rates in Plano

Submarket Asking Rents Vacancy Rates
Platinum Corridor North $36.44 13.65%
Plano $25.77 21.64%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Plano market was 16.12% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Plano was 13.65% in the Platinum Corridor North submarket, while the highest office vacancy in the market was 21.64%, recorded in Plano.

Office Spaces for Rent in Texas

Plano Office Sale Price per SF

  • $246.252020 Avg. Price per SF
  • -20.96%Y-o-Y Avg. PpSF Change
  • $245.2M2020 Office Sales Volume
  • 82020 Number of Transactions

Plano, TX Sale Price per SF Trend

  • Plano Avg. Sale Price per SF in 2020$246.25
  • Texas Avg. Sale Price per SF in 2020$216.82
Plano office space cost in 2020 marked a -20.96% change compared to the previous year. The sale price for office space in Plano averaged $246.25 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Texas average office sale price during the same time period was $216.82 per square foot.

2020 Office Sales Volume

  • Plano, TX Total Office Sales Volume in 2020 $245.2M
  • Plano, TX Total Number of Office Sales Closed in 2020 8
A total of 8 deals closed on the Plano office market in 2020, adding up to a yearly sales volume of $245.2M. Notably, the largest transaction on the market saw MedAssets Plano Office change hands for $90,857,000 on 9/9/2020.

Largest Plano Office Sales in 2020

Property name Address Date Price
MedAssets Plano Office 5543 Legacy Drive 9/9/2020 $90,857,000
Rent A Center Headquarters 5501 Headquarters Drive 12/27/2020 $52,229,000
Preston Park 1820 Preston Park Blvd 10/23/2020 $39,998,000
Tollway Office Center II 3905 Dallas Pkwy 4/9/2020 $30,878,000
Parkwood 121 Village - 8454 Parkwood Blvd 8454 Parkwood Blvd 5/18/2020 $14,000,000
Data provided by Commercial Edge

2020 Office Construction in Plano, TX

  • Plano, TX Total SF completed in 2020 609,735
  • Plano, TX Total SF under construction in 2021 990,051

During 2020, 609,735 square feet of new office space were delivered across the market. At the close of 2020, the Plano office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 609,735 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 990,051 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Plano
Office building Address SF Completed
Legacy Business Park - 6100 Legacy Drive 6100 Legacy Drive, 75024 327,400 2022
The Apex at Legacy 5801 Headquarters Drive, 75024 200,000 2022
The Parkwood 3930 Dallas Pkwy, 75093 120,000 2022
West Plano Medical Village 5655 West Spring Creek Pkwy, 75024 50,000 2022
Chase Tower at Legacy West 8181 Communications Pkwy, 75024 540,000 2021
HQ53 5301 Headquarters Drive, 75024 250,000 2021
Towne Square II 8400 Belleview Drive, 75024 80,051 2021
Headquarters II - 5801 Headquarters Drive 5801 Headquarters Drive, 75024 212,000 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

Worth noting among recent office completions on the Plano market is Legacy Business Park - 6100 Legacy Drive, which is currently the largest new office development in the city, at 327,400 square feet.

Data provided by Commercial Edge

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 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.