Plano Office Rent Price & Sales Report

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%
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 17.28% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Plano was 15.53% in the Plano submarket, while the highest office vacancy in the market was 18.55%, recorded in North Dallas.

Office Spaces for Rent in Texas

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
Plano office space cost in 2022 marked a +7.36% change compared to the previous year. The sale price for office space in Plano averaged $358.87 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

  • Plano, TX Total Office Sales Volume in 2022 $412.3M
  • Plano, TX Total Number of Office Sales Closed in 2022 8
A total of 8 deals closed on the Plano office market in 2022, adding up to a yearly sales volume of $412.3M. Notably, the largest transaction on the market saw Gateway at Legacy change hands for $74,286,000 on 1/5/2022.

Largest Plano Office Sales in 2022

Property name Address Date Price
Gateway at Legacy 6860 Dallas Pkwy 1/5/2022 $74,286,000
Data provided by Commercial Edge

Coworking Spaces in Texas

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.

Largest Office Properties Recently Completed in Plano
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.

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 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.