Franklin Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $32.66 2023 Avg. Asking Rent
  • 1.41% Y-o-Y Avg. Asking Rent Change
  • 24.00% 2023 Office Vacancy Rate

Franklin office price per square foot in 2023 was $32.66 on average. This marked a +1.41% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 24.00% 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

  • Tennessee Class A & A+ Office Space$31.18
  • Tennessee Class B Office Space$22.11
  • Tennessee Class C Office Space$26.18

Franklin, TN Office Asking Rents by Class

2023 Office Vacancy Rates in Franklin

Submarket Asking Rents Vacancy Rates
Franklin $32.31 23.17%
West Williamson County $31.81 3.59%
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 Franklin market was 24.00% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Franklin was 3.59% in the West Williamson County submarket, while the highest office vacancy in the market was 23.17%, recorded in Franklin.

Office Spaces for Rent in Tennessee

Coworking Spaces in Tennessee

2023 Office Construction in Franklin, TN

  • Franklin, TN Total SF completed in 2023 208,508
  • Franklin, TN Total SF under construction in 2024 170,000

During 2023, 208,508 square feet of new office space were delivered across the market. At the close of 2023, the Franklin office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 208,508 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 170,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Franklin
Office building Address SF Completed
Liberty Station 1201 Liberty Pkwy, 37067 39,928 2020
Mallory Green 3401 Mallory Lane, 37064 178,638 2018
Highwoods Office Park - Cool Springs V - Healthways 701 Cool Springs Blvd, 37067 263,598 2008
455 Duke Drive 455 Duke Drive, 37067 180,147 2008
Bowers Park II 6550 Carothers Pkwy, 37067 163,468 2008
Highwoods Office Park - Cool Springs IV 6840 Carothers Pkwy, 37067 155,829 2008
Bowers Park I 6640 Carothers Pkwy, 37067 163,495 2006
Aspen Grove Medical Plaza 125 Cool Springs Blvd, 37067 50,840 2006
Highwoods Office Park - Cool Springs III 725 Cool Springs Blvd, 37067 154,364 2005
Physicians Plaza 740 Cool Springs Blvd, 37067 35,000 2005

Worth noting among recent office completions on the Franklin market is Liberty Station, which is currently the largest new office development in the city, at 39,928 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 Franklin 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.