Plano Office Market Trends

Office Rental Market

  • $33.94 2019 Avg. Asking Rent
  • 12.37 % 2019 Avg. Vacancy Rate
  • 200,000 2019 Office Completions (Sqft)
  • 1,727,135 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Plano was $33.94 per square foot, and the office vacancy rate across the market averaged 12.37 %. During 2019, developers added 200,000 square feet of new office space to the Plano market inventory. Office developments estimated for delivery during 2020 total 1,727,135 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Plano Class A Office Buildings$35.43
  • Plano Class B Office Buildings$24.54
  • Plano Class C Office Buildings$20.77
  • TX Class A Office Buildings$34.48
  • TX Class B Office Buildings$23.32
  • TX Class C Office Buildings$16.03

Plano, TX Office Asking Rents by Class

Office asking rents vary across the Plano office market depending on several factors, one of which is property class. While rents for Class A office buildings in Plano averaged $35.43 per square foot in 2019, Class B office properties garnered average rental rates of $24.54 per square foot. Rental rates for Class C office property in Plano averaged $20.77 per square foot. On a statewide level, Class B office space rents averaged $23.32 per square foot, while rents for Class A office space across Texas averaged $34.48 per square foot. On average, Class C office properties in Texas commanded rents of $16.03 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
Platinum Corridor North $35.26 10.50 %
Plano $27.07 14.74 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Plano was 10.50 % in the Platinum Corridor North submarket, where asking rents averaged $35.26.
  • The highest office vacancy rate in 2019 in Plano was 14.74 % in the Plano submarket, where asking rents averaged $27.07.

OFFICE CONSTRUCTION IN Plano, TX

  • Plano, TX Total Sqft completed in 2019 200,000
  • Plano, TX Total Sqft under construction in 2020 1,727,135
10 Largest Office Buildings in Plano
Building name Address Total Sqft Year built
Toyota Headquarters at Legacy West 6565 Headquarters Drive, 75024 2,100,000 2017
The Campus at Legacy West 6501 Legacy Drive, 75024 1,929,059 1991
HP Headquarters 7000 Parkwood Blvd, 75024 1,578,500 1991
Capital One Plano Campus 8000 Dominion Pkwy, 75024 1,082,323 2007
2300 West Plano Pkwy 2300 West Plano Pkwy, 75075 1,060,504 1962
JPMorgan Headquarters at Legacy West 8181 Communications Pkwy, 75024 1,000,000 2018
2250 East President George Bush Hwy 2250 East President George Bush Hwy, 75082 751,244 2000
Bank of America Corporate Drive - Buildings A, B & C 7105 Corporate Drive, 75024 733,516 1999
CityLine II 1201 State Street, 75082 729,580 2015
Chase Tower at Legacy West 8181 Communications Pkwy, 75024 540,000 2021
Largest Office Properties Recently Completed in Plano
Office building Address Sqft Completed
Chase Tower at Legacy West 8181 Communications Pkwy, 75024 540,000 2021
HQ53 5301 Headquarters Drive, 75024 250,000 2021
The Parkwood 3930 Dallas Pkwy, 75093 120,000 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
Legacy West - Block H 7801 Windrose Avenue, 75024 125,000 2020
Legacy Central One 6500 Chase Oaks Blvd, 75023 200,000 2019
JPMorgan Headquarters at Legacy West 8181 Communications Pkwy, 75024 1,000,000 2018
Data provided by Commercial Edge

Office Spaces for Rent in Texas

PLANO OFFICE SALES TRENDS

  • $316.272019 Avg. Price per Sqft
  • 144.83 %Y-o-Y Avg. PpSF Change
  • $700.2M2019 Office Sales Volume
  • 142019 Number of Transactions

In 2019, office sales in Plano averaged $316.27 per square foot. This marked a 144.83 % increase in office price per square foot, compared to the previous year. A total of 14 office sales closed on the Plano office market in 2019, amounting to a total sales volume of $700.2M.

Average Office Sale Price per Sqft

Plano, TX Sales Trends

  • Plano Price per Sqft$316.27
  • Texas Price per Sqft$253.24

Office Sales - Trend and Volume

  • Plano, TX Total Office Sales Volume in 2019 $700.2M
  • Plano, TX Total Number of Office Sales Closed in 2019 14

Largest Plano Office Sales in 2019

Property name Address Date Price
Legacy Corporate Center 5601 Legacy Drive 7/2/2019 $186,000,000
Park Center 2400 Dallas Pkwy 10/23/2019 $93,818,000
Dr. Pepper Snapple Group Headquarters 5301 Legacy Drive 12/20/2019 $74,889,140
Legacy Place II 5700 Tennyson Pkwy 9/18/2019 $52,687,000
Legacy Place I 5800 Tennyson Pkwy 9/18/2019 $50,313,000
Data provided by Commercial Edge

See trends for nearby markets

The Plano office market contains an inventory of 38,308,250 square feet of office space, in 451 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.