2023 Office Space Rent & Sales
- $26.83 2023 Avg. Asking Rent
- 18.36% 2023 Office Vacancy Rate
- $220.3M2023 Total Office Sales
- $106.18Avg. Sale Price/SF
Dallas office price per square foot in 2023 was $26.83 on average. The local office market recorded an average vacancy rate of 18.36% across all asset classes combined. The 9 transactions that closed here throughout 2023 amounted to a total sale volume of $220.3M. Dallas office space commanded an average sale price per square foot of $106.18.
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
- Dallas Class A & A+ Office Space$31.36
- Dallas Class B Office Space$22.08
- Dallas Class C Office Space$14.75
- Texas Class A & A+ Office Space$36.17
- Texas Class B Office Space$24.95
- Texas Class C Office Space$31.07
Dallas, TX Office Asking Rents by Class
Average office rent in Dallas rested at $26.83 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 Dallas averaged $31.36 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.08 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.75 per square foot, on average. Comparably, statewide Texas average office rents by class in 2023 were: $36.17 per square foot for class A office space; $24.95 per square foot for class B office space; $31.07 per square foot for class C office space.
2023 Office Vacancy Rates in Dallas
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Uptown/Oak Lawn | $47.85 | 14.88% |
| Preston Hollow | $41.50 | 6.95% |
| East Dallas | $34.21 | 18.46% |
| Platinum Corridor South | $31.25 | 18.84% |
| Las Colinas | $28.50 | 21.45% |
| Central Expressway | $26.14 | 19.26% |
| North Dallas | $25.91 | 23.39% |
| Dallas Central Business District | $23.49 | 17.02% |
| Telecom Corridor | $22.26 | 16.78% |
| Lake Highlands | $20.66 | 24.86% |
| West Dallas | $20.19 | 18.00% |
| South Dallas | $18.18 | 27.38% |
| Northwest Dallas | $18.16 | 15.34% |
Office Spaces for Rent in Texas
Coworking Spaces in Texas
- Houston Coworking Space
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- Omaha Coworking Space
- Tucson Coworking Space
- Chattanooga Coworking Space
2023 Office Construction in Dallas, TX
- Dallas, TX Total SF completed in 2023 1,333,986
- Dallas, TX Total SF under construction in 2024 716,925
During 2023, 1,333,986 square feet of new office space were delivered across the market. At the close of 2023, the Dallas office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 1,333,986 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 716,925 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 8111 Douglas | 8111 Douglas Ave., 75225 | 220,523 | 2023 |
| Maple Terrace | 3001 Maple Ave, 75201 | 157,000 | 2023 |
| River Edge | 155 Riveredge Drive, 75207 | 146,956 | 2023 |
| Thirteen Thirty Three | 1333 Oak Lawn Avenue, 75207 | 125,865 | 2023 |
| The Epic II | 2500 Pacific Avenue, 75226 | 485,000 | 2022 |
| 300 Pearl | 2110 Jackson Street, 75201 | 558,214 | 2021 |
| The Link at Uptown | 2601 Olive Street, 75201 | 301,321 | 2021 |
| The Stack at Deep Ellum | 2700 Commerce Street, 75226 | 207,299 | 2021 |
| Prestonwood Place | 5294 Belt Line Road, 75254 | 155,975 | 2021 |
| Pavilion III MOB | 12228 North Central Expwy, 75243 | 107,188 | 2021 |
Worth noting among recent office completions on the Dallas market is 8111 Douglas, which is currently the largest new office development in the city, at 220,523 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 Dallas 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.