2023 Office Space Rent & Sales
- $21.76 2023 Avg. Asking Rent
- 1.22% Y-o-Y Avg. Asking Rent Change
- 16.73% 2023 Office Vacancy Rate
- $66.6M2023 Total Office Sales
- $114.52Avg. Sale Price/SF
Birmingham office price per square foot in 2023 was $21.76 on average. This marked a +1.22% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.73% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $66.6M. Birmingham office space commanded an average sale price per square foot of $114.52.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Birmingham Class A & A+ Office Space$22.38
- Birmingham Class B Office Space$20.98
- Birmingham Class C Office Space$20.81
- Alabama Class A & A+ Office Space$23.54
- Alabama Class B Office Space$19.92
- Alabama Class C Office Space$21.24
Birmingham, AL Office Asking Rents by Class
Average office rent in Birmingham rested at $21.76 per square foot in 2023. 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 Birmingham averaged $22.38 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.98 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.81 per square foot, on average. Comparably, statewide Alabama average office rents by class in 2023 were: $23.54 per square foot for class A office space; $19.92 per square foot for class B office space; $21.24 per square foot for class C office space.
2023 Office Vacancy Rates in Birmingham
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Birmingham - University | $29.06 | 7.42% |
Homewood - East | $25.57 | 5.60% |
Mountain Brook | $23.87 | 5.71% |
Birmingham - Southside | $23.01 | 9.91% |
Vestavia Hills | $22.53 | 13.28% |
Birmingham - Downtown | $20.91 | 19.25% |
Highway 280 Corridor | $20.83 | 21.64% |
Hoover | $20.73 | 19.96% |
Lakeshore | $19.03 | 35.42% |
Homewood - West | $14.28 | 3.47% |
Birmingham Office Sale Price per SF
- $114.522023 Avg. Price per SF
- -41.05%Y-o-Y Avg. PpSF Change
- $66.6M2023 Office Sales Volume
- 42023 Number of Transactions
Birmingham, AL Sale Price per SF Trend
- Birmingham Avg. Sale Price per SF in 2023$114.52
- Alabama Avg. Sale Price per SF in 2023$92.64
2023 Office Sales Volume
- Birmingham, AL Total Office Sales Volume in 2023 $66.6M
- Birmingham, AL Total Number of Office Sales Closed in 2023 4
Coworking Spaces in Alabama
- Atlanta Coworking Space
- Miami Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
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- Fort Lauderdale Coworking Space
- Boca Raton Coworking Space
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- New Orleans Coworking Space
- Alpharetta Coworking Space
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- Chattanooga Coworking Space
- Knoxville Coworking Space
- Miami Beach Coworking Space
2023 Office Construction in Birmingham, AL
Office building | Address | SF | Completed |
---|---|---|---|
Ensley Office Building (New Construction) | 508 19th Street, 35218 | 30,000 | 2022 |
SteelRidge Center | 2101 Old Columbiana Road, 35216 | 34,000 | 2021 |
300 Ruffner Rd | 300 Ruffner Rd, 35210 | 4,000 | 2021 |
2614 6th Avenue South | 2614 6th Avenue South, 35223 | 9,000 | 2019 |
7 Huddle Drive | 7 Huddle Drive, 35242 | 7,200 | 2018 |
7 Huddle Drive | 7 Huddle Drive, 35242 | 7,200 | 2018 |
Riverchase Class "A" Office Building | 1560 Woods of Riverchase Drive, 35244 | 7,000 | 2015 |
2728 10th Avenue South | 2728 10th Avenue South, 35205 | 33,536 | 2014 |
5576 Grove Blvd | 5576 Grove Blvd, 35226 | 4,500 | 2011 |
For Lease - Freestanding former bank building with four drive through lanes. | 5576 Grove Blvd, 35226 | 4,500 | 2009 |
Worth noting among recent office completions on the Birmingham market is Ensley Office Building (New Construction), which is currently the largest new office development in the city, at 30,000 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Birmingham 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.