Tallahassee Office Rent Price & Sales Report

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.

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

  • 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

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%
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 Tallahassee market was 7.72% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Tallahassee was 3.32% in the Tallahassee - Southeast submarket, while the highest office vacancy in the market was 40.62%, recorded in Tallahassee - North.

Office Spaces for Rent in Florida

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
The sale price for office space in Tallahassee averaged $71.09 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

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
A total of 4 deals closed on the Tallahassee office market in 2023, adding up to a yearly sales volume of $11.8M. Notably, the largest transaction on the market saw 2050 Centre Pointe Blvd change hands for $3,000,000 on 4/6/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Tallahassee, FL

Largest Office Properties Recently Completed in Tallahassee
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 119 S Monroe Street, 32301 76,000 2009
Alliance Center 119 S Monroe Street, 32301 76,000 2009
113 S Monroe St 113 S Monroe St, 32301 9,000 2009
Class "A" Southwood Office Building For Sale 3692 Coolidge Ct. , 32311 29,328 2007
Coolidge Court Office 3692 Coolidge Ct. , 32311 29,328 2007
2600 Centennial 2600 Centennial Place, 32308 31,204 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.

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 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.