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Office Space for Rent in Memphis, TN - 185 Listings

Memphis, TN - Office Space for Lease

Memphis, TN - Office Market Overview

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The Memphis Metropolitan Area includes the Audubon, Bal-Moral, and Hickory Hill office space submarkets. With a metropolitan population of over 1.3 million people, the economy in Memphis is driven in large part by the education and transportation industries, which create a robust demand for white-collar office space in the Memphis area.

As of mid-2017, the Greater Memphis office market encompasses over 22 million square feet of existing office space in properties larger than 50,000 square feet. Located in the southwestern part of Tennessee, the city is a major transportation hub and a Mississippi River crossing for both the I-40 and I-55 interstate freeways.

Memphis, TN - Office Inventory Description

Memphis has historically been a major hub in the country's transportation system, dating all the way back to the Civil War. Transportation and logistics, along with the numerous corporate offices in the city, create significant demand for commercial real estate in Memphis, TN. With a gross metropolitan product of nearly $68 billion annually, there is a steadily increasing need for white-collar office space in Memphis. Nearly 39% of the local office inventory is Class A or A+, while Class B office space adds another 55% of product to the office market.

Some of the greatest demand for Class A office space in Memphis comes from the Downtown Memphis office submarket. Located just south of I-40 along the banks of the Mississippi River, this office submarket is home to portfolio office buildings such as the Toyota Center, One Commerce Square at 40 South Main Street, and One Memphis Place on Jefferson Avenue.

Memphis, TN Commercial Inventory Breakdown

Office Spaces

Total: 24,997,767 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 6,663,153 SF / 26.65% of total office
  • 100k to 500k SF: 14,535,823 SF / 58.15% of total office
  • 500k to 1M SF: 1,698,791 SF / 6.8% of total office
  • > 1M SF: 2,100,000 SF / 8.4% of total office

By class:

  • Class A: 9,273,246 SF / 37.1% of total office
  • Class B: 14,020,011 SF / 56.09% of total office
  • Class C: 1,308,510 SF / 5.23% of total office

Top 10 Largest Office Buildings

in Memphis

Office building Address Sqft Year built
FedEx World Headquarters 3610 Hacks Cross Road, 38125 1,100,000 2000
Crosstown Concourse 495 North Watkins Street, 38104 1,000,000 2017
Clark Tower 5100 Poplar Avenue, 38117 668,505 1973
Federal Express Office Park - 3965 Airways Blvd 3965 Airways Blvd, 38116 521,286 1985
165 Madison Avenue 165 Madison Avenue, 38103 509,000 1966
150 Peabody Place 150 Peabody Place, 38103 400,000 2017
One Commerce Square 40 South Main Street, 38103 399,350 1972
Audubon Woods Business Campus 755 Crossover Lane, 38117 360,000 1981
Crescent Center 6075 Poplar Avenue, 38119 337,916 1986
Raymond James Tower 50 North Front Street, 38103 334,668 1984

Most Recently-Built Office Buildings

in Memphis

Office building Address Sqft Year built
Crosstown Concourse 495 North Watkins Street, 38104 1,000,000 2017
150 Peabody Place 150 Peabody Place, 38103 400,000 2017
949 South Shady Grove Road 949 South Shady Grove Road, 38120 155,000 2017
International Place - Tower IV 1740 International Drive, 38197 241,177 2014
3495 Hacks Cross Road 3495 Hacks Cross Road, 38125 113,000 2013
Triad Centre III 6070 Poplar Avenue, 38119 148,810 2009
Medtronic Campus - 1770 Pyramid Place 1770 Pyramid Place, 38132 176,532 2008
Ridgeway Center - 999 Shady Grove 999 South Shady Grove Road, 38120 155,000 2008
Southwind Office Center - 3251 Players Club Pkwy 3251 Players Club Pkwy, 38125 61,267 2008
Legacy Center 1661 Aaron Brenner Drive, 38120 60,581 2008

Memphis, TN - Green Office Space

Employment

The 2017 National Green Building Adoption Index surveyed the top 30 office markets in the U.S. and discovered that the percentage of green office space, including LEED and Energy Star-rated office space, has reached nearly 38%. This is among office buildings larger than 50,000 square feet.

While Memphis didn't make the top 30, the city does have several examples of energy-efficient Class A office property. One example of a LEED-certified office building in Memphis is the Triad Centre III on Poplar Avenue. Located in the River Oaks neighborhood, this 148,810-square-foot Class A office property was built in 2009 and holds a highly-coveted LEED Gold certification.

Memphis, TN's Top Office-Using Sectors

The transportation & logistics, manufacturing, healthcare, and corporate office sectors are all top office-using business groups and create a consistent demand for Memphis commercial real estate.

  • Transportation & Logistics – White-collar office employment is created by the numerous transportation-related businesses in Memphis, including FedEx Express, Katt Worldwide Logistics, and Williams-Sonoma distribution.
  • Manufacturing – International Paper, Mueller Industries, Thomas & Betts, Verso Paper, and Wright Medical Group are some of the larger publicly traded firms in Memphis that drive the demand for white-collar office space in the metropolitan area.
  • Healthcare – Merck, Smith & Nephew, Medtronic, and the St. Jude Children's Research Hospital are all located in Memphis.
  • Corporate Office – A variety of major corporate locations in Memphis create demand for Class A office space, including firms such as Cargill Cotton, Evergreen Packaging, Information Technology, Nike, the IRS, and investment banking firm Morgan Keegan & Company.

Memphis Demographics

Population

  • Total Population657,167
  • Male Population(47.6 %) 312,782
  • Female Population(52.4 %) 344,385
  • Median Age33.50

Income/Financial

  • Average Household Income$55,298
  • Median Household Income$36,445
  • Median Income Under 25$18,654
  • Median Income 25-44$36,406
  • Median Income 45-64$43,357
  • Median Income Over 65$31,840

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