2023 Office Space Rent & Sales
- $19.19 2023 Avg. Asking Rent
- -2.64% Y-o-Y Avg. Asking Rent Change
- 13.40% 2023 Office Vacancy Rate
Lexington office price per square foot in 2023 was $19.19 on average. This marked a -2.64% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.40% 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
- Kentucky Class A & A+ Office Space$21.07
- Kentucky Class B Office Space$18.98
- Kentucky Class C Office Space$19.82
Lexington, KY Office Asking Rents by Class
2023 Office Vacancy Rates in Lexington
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Lexington - Southwest | $19.69 | 5.62% |
| Lexington - Southeast | $19.38 | 11.47% |
| Lexington - East Central | $18.79 | 18.74% |
| Lexington CBD | $17.67 | 14.79% |
Office Spaces for Rent in Kentucky
Coworking Spaces in Kentucky
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2023 Office Construction in Lexington, KY
| Office building | Address | SF | Completed |
|---|---|---|---|
| 824 Bull Lea Run | 824 Bull Lea Run, 40511 | 44,533 | 2022 |
| The Offices at Fritz Farm | 4040 Finn Way, 40517 | 40,000 | 2017 |
| 527 Wellington Way | 527 Wellington Way, 40503 | 31,115 | 2017 |
| 395 Elaine Drive | 395 Elaine Drive, 40504 | 1,180 | 2010 |
| Sir Barton Business Center | 2443 Sir Barton Way, 40509 | 44,384 | 2008 |
| 9,664 SF Contiguous Space Available in Coldstream Research Campus | 1648 McGrathiana Parkway, 40511 | 152,394 | 2007 |
| 997 Governors Lane | 997 Governors Lane, 40513 | 31,188 | 2007 |
| Hamburg Office For Lease | 2452 Sir Barton Way, 40509 | 25,752 | 2007 |
| US Attorneys Building | 260 West Vine Street, 40507 | 54,140 | 2005 |
| 448 & 444 Lewis Hargett Circle | 448 Lewis Hargett Circle, 40503 | 40,093 | 2005 |
Worth noting among recent office completions on the Lexington market is 824 Bull Lea Run, which is currently the largest new office development in the city, at 44,533 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 Lexington 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.