2023 Office Space Rent & Sales
- $18.66 2023 Avg. Asking Rent
- 19.70% 2023 Office Vacancy Rate
Memphis office price per square foot in 2023 was $18.66 on average. The local office market recorded an average vacancy rate of 19.70% 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
- Memphis Class A & A+ Office Space$21.64
- Memphis Class B Office Space$17.54
- Memphis Class C Office Space$17.39
- Tennessee Class A & A+ Office Space$31.18
- Tennessee Class B Office Space$22.11
- Tennessee Class C Office Space$26.18
Memphis, TN Office Asking Rents by Class
Average office rent in Memphis rested at $18.66 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 Memphis averaged $21.64 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.54 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.39 per square foot, on average. Comparably, statewide Tennessee average office rents by class in 2023 were: $31.18 per square foot for class A office space; $22.11 per square foot for class B office space; $26.18 per square foot for class C office space.
2023 Office Vacancy Rates in Memphis
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Memphis - Poplar Corridor | $24.77 | 14.81% |
| Memphis - East | $22.94 | 23.22% |
| Memphis - Downtown | $19.09 | 21.64% |
| Memphis - SR 385 Corridor | $17.97 | 28.52% |
| Memphis - Airport | $16.69 | 29.27% |
| Memphis - Northeast | $15.72 | 21.93% |
Office Spaces for Rent in Tennessee
Coworking Spaces in Tennessee
- Atlanta Coworking Space
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- Memphis Coworking Space
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- Knoxville Coworking Space
2023 Office Construction in Memphis, TN
- Memphis, TN Total SF completed in 2023 104,609
- Memphis, TN Total SF under construction in 2024 34,200
During 2023, 104,609 square feet of new office space were delivered across the market. At the close of 2023, the Memphis office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 104,609 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 34,200 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 5575 Poplar Avenue | 5575 Poplar Avenue, 38119 | 45,000 | 2021 |
| Crosstown Concourse | 495 North Watkins Street, 38104 | 1,000,000 | 2017 |
| 949 South Shady Grove Road | 949 South Shady Grove Road, 38120 | 155,000 | 2017 |
| 7275 Appling Farms Parkway | 7275 Appling Farms Pkwy, 38133 | 17,500 | 2011 |
| Triad Centre III | 6070 Poplar Avenue, 38119 | 148,810 | 2009 |
| Ridgeway Center - 999 Shady Grove | 999 South Shady Grove Road, 38120 | 155,000 | 2008 |
| 7345 Goodlett Farms Pkwy | 7345 Goodlett Farms Pkwy, 38016 | 28,500 | 2008 |
| East Memphis Office Building - 3,714± SF Available | 7975 Courtyard Plz, 38119 | 3,714 | 2006 |
| 1840 Pyramid Place | 1840 Pyramid Place, 38132 | 130,399 | 2004 |
| Physicians Plaza of Bartlett | 7865 Educators Lane, 38133 | 29,874 | 2004 |
Worth noting among recent office completions on the Memphis market is 5575 Poplar Avenue, which is currently the largest new office development in the city, at 45,000 square feet.
See reports for other markets
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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 Memphis 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.