2023 Office Space Rent & Sales
- $19.54 2023 Avg. Asking Rent
- 1.70% Y-o-Y Avg. Asking Rent Change
- 25.36% 2023 Office Vacancy Rate
Lansing office price per square foot in 2023 was $19.54 on average. This marked a +1.70% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 25.36% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Lansing Class A & A+ Office Space$26.39
- Lansing Class B Office Space$19.81
- Lansing Class C Office Space$17.33
- Michigan Class A & A+ Office Space$22.86
- Michigan Class B Office Space$21.46
- Michigan Class C Office Space$21.50
Lansing, MI Office Asking Rents by Class
Average office rent in Lansing rested at $19.54 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 Lansing averaged $26.39 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.81 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.33 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2023 were: $22.86 per square foot for class A office space; $21.46 per square foot for class B office space; $21.50 per square foot for class C office space.
Coworking Spaces in Michigan
- New York City Coworking Space
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- Richmond Coworking Space
- Madison Coworking Space
2023 Office Construction in Lansing, MI
Office building | Address | SF | Completed |
---|---|---|---|
3165 East Michigan Avenue | 3165 East Michigan Avenue, 48912 | 337,158 | 2017 |
2824 E Grand River Ave | 2824 E Grand River Ave, 48912 | 13,243 | 2008 |
2720 S. Washington Ave | 2720 S. Washington Ave, 48910 | 20,050 | 2006 |
826 Municipal Way | 826 Municipal Way, 48917 | 11,649 | 2005 |
8164 Executive Ct | 8164 Executive Ct, 48917 | 13,360 | 2002 |
3410 Belle Chase Way | 3410 Belle Chase Way, 48911 | 9,822 | 2002 |
1000 W St Joseph St | 1000 W St Joseph St, 48915 | 110,754 | 2001 |
Marketplace Office Park | 8161 Executive Ct, 48917 | 10,301 | 2001 |
Capitol Commerce Center | 6607 W. St. Joseph Highway, 48917 | 15,318 | 1995 |
Capitol Commerce Center | 6500 Centurion Dr, 48917 | 11,172 | 1995 |
Worth noting among recent office completions on the Lansing market is 3165 East Michigan Avenue, which is currently the largest new office development in the city, at 337,158 square feet.
See reports for other markets
- Ann Arbor Office Rent Price
- Detroit Office Rent Price
- Southfield Office Rent Price
- Troy Office Rent Price
- Grand Rapids Office Rent Price
- Farmington Hills Office Rent Price
- Livonia Office Rent Price
- Novi Office Rent Price
- East Lansing Office Rent Price
- San Diego Office Rent Price
- Denver Office Rent Price
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- Manhattan Office Rent Price
- San Francisco Office Rent Price
- Houston Office Rent Price
- Los Angeles 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 Lansing 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.