2023 Office Space Rent & Sales
- $24.33 2023 Avg. Asking Rent
- 2.29% Y-o-Y Avg. Asking Rent Change
- 17.51% 2023 Office Vacancy Rate
Overland Park office price per square foot in 2023 was $24.33 on average. This marked a +2.29% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.51% across all asset classes combined.
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
- Overland Park Class A & A+ Office Space$26.28
- Overland Park Class B Office Space$23.09
- Overland Park Class C Office Space$15.25
- Kansas Class A & A+ Office Space$25.97
- Kansas Class B Office Space$20.90
- Kansas Class C Office Space$22.14
Overland Park, KS Office Asking Rents by Class
Average office rent in Overland Park rested at $24.33 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 Overland Park averaged $26.28 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.09 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.25 per square foot, on average. Comparably, statewide Kansas average office rents by class in 2023 were: $25.97 per square foot for class A office space; $20.90 per square foot for class B office space; $22.14 per square foot for class C office space.
2023 Office Vacancy Rates in Overland Park
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| College Boulevard | $24.76 | 17.49% |
| Olathe | $24.53 | 31.40% |
| Overland Park | $23.75 | 17.49% |
| Lenexa - Shawnee | $22.26 | 13.63% |
| Mission | $20.86 | 10.14% |
Office Spaces for Rent in Kansas
Coworking Spaces in Kansas
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2023 Office Construction in Overland Park, KS
- Overland Park, KS Total SF completed in 2023 216,861
- Overland Park, KS Total SF under construction in 2024 392,400
During 2023, 216,861 square feet of new office space were delivered across the market. At the close of 2023, the Overland Park office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 216,861 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 392,400 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| CityPlace Corporate Centre IV | 11350 Switzer Road, 66210 | 190,380 | 2023 |
| 13801 Metcalf Avenue | 13801 Metcalf Avenue, 66223 | 31,128 | 2022 |
| CityPlace Corporate Centre I | 11101 Switzer Road, 66210 | 120,268 | 2020 |
| Shawnee Mission Health Medical Office | 7025 College Blvd, 66211 | 57,000 | 2020 |
| Edison Church | 8029 Overland Park Drive, 66204 | 18,182 | 2020 |
| Avenue 82 | 8131 Metcalf Avenue, 66204 | 10,627 | 2020 |
| Nall Corporate Centre II | 5700 West 112th Street, 66211 | 150,805 | 2017 |
| 6601 College Blvd | 6601 College Blvd, 66211 | 101,241 | 2017 |
| 6650 Medical Office Building | 6650 West 110th Street, 66211 | 79,000 | 2017 |
| The Phoenix Building | 7924-7930 Santa Fe Dr, 66204 | 28,500 | 2009 |
Worth noting among recent office completions on the Overland Park market is CityPlace Corporate Centre IV, which is currently the largest new office development in the city, at 190,380 square feet.
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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 Overland Park 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.