2023 Office Space Rent & Sales
- $20.77 2023 Avg. Asking Rent
- 1.90% Y-o-Y Avg. Asking Rent Change
- 7.72% 2023 Office Vacancy Rate
- $11.8M2023 Total Office Sales
- $71.09Avg. Sale Price/SF
Tallahassee office price per square foot in 2023 was $20.77 on average. This marked a +1.90% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 7.72% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $11.8M. Tallahassee office space commanded an average sale price per square foot of $71.09.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Tallahassee Class A & A+ Office Space$26.14
- Tallahassee Class B Office Space$19.68
- Tallahassee Class C Office Space$14.72
- Florida Class A & A+ Office Space$36.87
- Florida Class B Office Space$27.52
- Florida Class C Office Space$32.32
Tallahassee, FL Office Asking Rents by Class
Average office rent in Tallahassee rested at $20.77 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 Tallahassee averaged $26.14 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.68 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.72 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.
2023 Office Vacancy Rates in Tallahassee
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Tallahassee - Downtown | $28.92 | 12.71% |
Tallahassee - Northeast | $24.45 | 4.04% |
Tallahassee - East | $24.10 | 3.47% |
Tallahassee - Koger Center | $21.91 | 5.52% |
Tallahassee - Southeast | $18.27 | 3.32% |
Tallahassee - North | $17.01 | 40.62% |
Tallahassee Office Sale Price per SF
- $71.092023 Avg. Price per SF
- $11.8M2023 Office Sales Volume
- 42023 Number of Transactions
Tallahassee, FL Sale Price per SF Trend
- Tallahassee Avg. Sale Price per SF in 2023$71.09
- Florida Avg. Sale Price per SF in 2023$213.92
2023 Office Sales Volume
- Tallahassee, FL Total Office Sales Volume in 2023 $11.8M
- Tallahassee, FL Total Number of Office Sales Closed in 2023 4
Coworking Spaces in Florida
- Houston Coworking Space
- Atlanta Coworking Space
- Dallas Coworking Space
- Miami Coworking Space
- Austin Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
- Raleigh Coworking Space
- Tampa Coworking Space
- Orlando Coworking Space
- Jacksonville Coworking Space
- Fort Lauderdale Coworking Space
- Boca Raton Coworking Space
- West Palm Beach Coworking Space
- Durham Coworking Space
- Memphis Coworking Space
- Birmingham Coworking Space
- New Orleans Coworking Space
- Alpharetta Coworking Space
- Chattanooga Coworking Space
- Miami Beach Coworking Space
2023 Office Construction in Tallahassee, FL
Office building | Address | SF | Completed |
---|---|---|---|
2459 Mahan Dr | 2459 Mahan Dr, 32308 | 20,222 | 2020 |
1760 Summit Lake Drive | 1760 Summit Lake Drive, 32317 | 40,400 | 2018 |
Summit East Technology Park - United Solutions Building | 1585 Summit Lake Dr, 32317 | 10,800 | 2010 |
Alliance Center - 3rd, 4th & 5th Floors | 119 S Monroe Street, 32301 | 76,000 | 2009 |
1591 Summit Lake Dr | 1591 Summit Lake Dr, 32317 | 18,624 | 2007 |
3664 Coolidge Court For Sale or Lease | 3664 Coolidge Court, 32311 | 17,348 | 2007 |
3664 Coolidge Court For Sale or Lease | 3664 Coolidge Court, 32311 | 17,348 | 2007 |
2600 Centennial | 2600 Centennial Place, 32308 | 31,204 | 2006 |
2618 Centennial Pl | 2618 Centennial Pl, 32308 | 20,130 | 2006 |
Southwood Business Park | 1909 Hillbrooke Trail, 32311 | 7,000 | 2006 |
Worth noting among recent office completions on the Tallahassee market is 2459 Mahan Dr, which is currently the largest new office development in the city, at 20,222 square feet.
See reports for other markets
- Jacksonville Office Rent Price
- Miami Office Rent Price
- Tampa Office Rent Price
- Orlando Office Rent Price
- Fort Lauderdale Office Rent Price
- Sarasota City Office Rent Price
- St. Petersburg Office Rent Price
- Boca Raton Office Rent Price
- Doral Office Rent Price
- Fort Myers Office Rent Price
- West Palm Beach Office Rent Price
- Melbourne Office Rent Price
- Lake Mary Office Rent Price
- Pensacola Office Rent Price
- Maitland Office Rent Price
- Winter Park Office Rent Price
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 Tallahassee 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.