Farmington Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $20.48 2023 Avg. Asking Rent
  • -1.48% Y-o-Y Avg. Asking Rent Change
  • 19.11% 2023 Office Vacancy Rate
  • $44M2023 Total Office Sales
  • $118.78Avg. Sale Price/SF

Farmington office price per square foot in 2023 was $20.48 on average. This marked a -1.48% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.11% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $44M. Farmington office space commanded an average sale price per square foot of $118.78.

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

  • Connecticut Class A & A+ Office Space$33.28
  • Connecticut Class B Office Space$23.34
  • Connecticut Class C Office Space$27.95

Farmington, CT Office Asking Rents by Class

Office Spaces for Rent in Connecticut

Farmington Office Sale Price per SF

  • $118.782023 Avg. Price per SF
  • -1.24%Y-o-Y Avg. PpSF Change
  • $44M2023 Office Sales Volume
  • 32023 Number of Transactions

Farmington, CT Sale Price per SF Trend

  • Farmington Avg. Sale Price per SF in 2023$118.78
  • Connecticut Avg. Sale Price per SF in 2023$159.17
Farmington office space cost in 2023 marked a -1.24% change compared to the previous year. The sale price for office space in Farmington averaged $118.78 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Connecticut average office sale price during the same time period was $159.17 per square foot.

2023 Office Sales Volume

  • Farmington, CT Total Office Sales Volume in 2023 $44M
  • Farmington, CT Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Farmington office market in 2023, adding up to a yearly sales volume of $44M. Notably, the largest transaction on the market saw 9 Farm Springs Road change hands for $14,250,000 on 3/3/2023.
Data provided by Commercial Edge

Coworking Spaces in Connecticut

2023 Office Construction in Farmington, CT

Largest Office Properties Recently Completed in Farmington
Office building Address SF Completed
Farmington Medical Arts Center - 11 & 21 South Road 21 South Road, 06032 87,680 2009
1690 New Britain Avenue 1690 New Britain Avenue, 06032 165,264 2007
Farmington Corporate Park - 6 Executive Drive 6 Executive Drive, 06032 37,500 2001
Greenbriar Office Park 2 Bridgewater Road, 06032 31,737 1991
Farmington Corporate Park - 10 Executive Drive 10 Executive Drive, 06032 48,000 1989
Farmington Mountain Office Park 10 Stanford Drive, 06032 62,405 1987
Farm Glen Executive Park 1 Farm Glen Blvd, 06032 120,000 1986
Batterson Park 30 Batterson Park Road, 06032 76,902 1983
20 Batterson Park Road 20 Batterson Park Road, 06032 41,916 1983
10 Talcott Notch Road 10 Talcott Notch Road, 06032 55,184 1979

Worth noting among recent office completions on the Farmington market is Farmington Medical Arts Center - 11 & 21 South Road, which is currently the largest new office development in the city, at 87,680 square feet.

Data provided by Commercial Edge

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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 Farmington 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.