Huntsville Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.98 2023 Avg. Asking Rent
  • 11.51% 2023 Office Vacancy Rate
  • $9.7M2023 Total Office Sales
  • $74.89Avg. Sale Price/SF

Huntsville office price per square foot in 2023 was $24.98 on average. The local office market recorded an average vacancy rate of 11.51% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $9.7M. Huntsville office space commanded an average sale price per square foot of $74.89.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Alabama Class A & A+ Office Space$23.54
  • Alabama Class B Office Space$19.92
  • Alabama Class C Office Space$21.24

Huntsville, AL Office Asking Rents by Class

2023 Office Vacancy Rates in Huntsville

Submarket Asking Rents Vacancy Rates
Huntsville - Downtown $34.91 18.20%
Madison $23.23 14.53%
Huntsville - West $20.05 10.48%
Huntsville - South $14.50 8.90%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Huntsville market was 11.51% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Huntsville was 8.90% in the Huntsville - South submarket, while the highest office vacancy in the market was 18.20%, recorded in Huntsville - Downtown.

Office Spaces for Rent in Alabama

Huntsville Office Sale Price per SF

  • $74.892023 Avg. Price per SF
  • -37.88%Y-o-Y Avg. PpSF Change
  • $9.7M2023 Office Sales Volume
  • 32023 Number of Transactions

Huntsville, AL Sale Price per SF Trend

  • Huntsville Avg. Sale Price per SF in 2023$74.89
  • Alabama Avg. Sale Price per SF in 2023$92.64
Huntsville office space cost in 2023 marked a -37.88% change compared to the previous year. The sale price for office space in Huntsville averaged $74.89 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Alabama average office sale price during the same time period was $92.64 per square foot.

2023 Office Sales Volume

  • Huntsville, AL Total Office Sales Volume in 2023 $9.7M
  • Huntsville, AL Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Huntsville office market in 2023, adding up to a yearly sales volume of $9.7M. Notably, the largest transaction on the market saw 350 Wynn Drive NW change hands for $5,000,000 on 10/2/2023.
Data provided by Commercial Edge

Coworking Spaces in Alabama

2023 Office Construction in Huntsville, AL

  • Huntsville, AL Total SF completed in 2023 813,000

During 2023, 813,000 square feet of new office space were delivered across the market. At the close of 2023, the Huntsville office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 813,000 square feet of office space.

Largest Office Properties Recently Completed in Huntsville
Office building Address SF Completed
3409 Memorial Pkwy SW 3409 Memorial Pkwy SW, 35801 7,600 2024
3810 Governors Drive 3810 Governors Drive, 35805 49,000 2022
The Range 3810 Governors Drive, 35805 49,000 2022
Twickenham Center 200 Davis Cir Sw, 35801 72,250 2020
320 Pelham Ave SW 320 Pelham Ave SW, 35801 28,512 2017
Twickenham Place 720 Gallatin Street, 35801 110,000 2014
Cummings Research Park West - 345 Bob Heath Drive 345 Bob Heath Drive, 35806 120,000 2013
4025 Pepperwood Cir SW 4025 Pepperwood Cir SW, 35801 8,886 2010
Mayfair Professional Center 4700 Whitesburg Drive, 35802 53,534 2009
809 Shoney Drive SW 809 Shoney Drive SW, 35801 53,400 2009

Worth noting among recent office completions on the Huntsville market is 3409 Memorial Pkwy SW, which is currently the largest new office development in the city, at 7,600 square feet.

Data provided by Commercial Edge

See reports for other markets

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 Huntsville 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.