Norcross Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $18.80 2023 Avg. Asking Rent
  • -3.69% Y-o-Y Avg. Asking Rent Change
  • 13.84% 2023 Office Vacancy Rate
  • $24.1M2023 Total Office Sales
  • $61.38Avg. Sale Price/SF

Norcross office price per square foot in 2023 was $18.80 on average. This marked a -3.69% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.84% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $24.1M. Norcross office space commanded an average sale price per square foot of $61.38.

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

  • Georgia Class A & A+ Office Space$34.44
  • Georgia Class B Office Space$22.70
  • Georgia Class C Office Space$31.34

Norcross, GA Office Asking Rents by Class

2023 Office Vacancy Rates in Norcross

Submarket Asking Rents Vacancy Rates
I-95 Corridor Duluth $21.50 10.67%
Peachtree Corners - Duluth $19.92 11.90%
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 Norcross market was 13.84% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Norcross was 10.67% in the I-95 Corridor Duluth submarket, while the highest office vacancy in the market was 11.90%, recorded in Peachtree Corners - Duluth.

Office Spaces for Rent in Georgia

Norcross Office Sale Price per SF

  • $61.382023 Avg. Price per SF
  • $24.1M2023 Office Sales Volume
  • 42023 Number of Transactions

Norcross, GA Sale Price per SF Trend

  • Norcross Avg. Sale Price per SF in 2023$61.38
  • Georgia Avg. Sale Price per SF in 2023$150.71
The sale price for office space in Norcross averaged $61.38 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Georgia average office sale price during the same time period was $150.71 per square foot.

2023 Office Sales Volume

  • Norcross, GA Total Office Sales Volume in 2023 $24.1M
  • Norcross, GA Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Norcross office market in 2023, adding up to a yearly sales volume of $24.1M. Notably, the largest transaction on the market saw Peachtree Technology Park - 30 Technology Pkwy South change hands for $9,975,000 on 8/16/2023.
Data provided by Commercial Edge

Coworking Spaces in Georgia

2023 Office Construction in Norcross, GA

Largest Office Properties Recently Completed in Norcross
Office building Address SF Completed
The Offices @ Gwinnett Commons - 4155 Shackleford Road 4155 Shackleford Road, 30093 144,521 2000
Cubework Norcross 1600 Indian Brook Way, 30093 81,440 1997
Avalon Center Office Space 3145 Avalon Ridge Place, 30071 36,225 1997
3100 Medlock Bridge Rd # 400 3100 Medlock Bridge Rd # 400, 30071 11,598 1990
3100 Medlock Bridge Rd # 400 3100 Medlock Bridge Rd # 400, 30071 11,598 1990
3120 Medlock Bridge Road H-300 3120 Medlock Bridge Road H-300, 30071 9,000 1990
3120 Medlock Bridge Road - Building F 3120 Medlock Bridge Road - Building F, 30071 28,004 1989
2755 Northwoods Pkwy 2755 Northwoods Pkwy, 30071 52,070 1986
2975 & 2995 Courtyards Drive 2995 Courtyards Drive, 30071 43,342 1986
734 Holcomb Bridge Road Unit A/B 734 Holcomb Bridge Road, 30071 1,100 1986

Worth noting among recent office completions on the Norcross market is The Offices @ Gwinnett Commons - 4155 Shackleford Road, which is currently the largest new office development in the city, at 144,521 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 Norcross 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.