2023 Office Space Rent & Sales
- $21.30 2023 Avg. Asking Rent
- -4.49% Y-o-Y Avg. Asking Rent Change
- 27.81% 2023 Office Vacancy Rate
Midland office price per square foot in 2023 was $21.30 on average. This marked a -4.49% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 27.81% 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
- Texas Class A & A+ Office Space$36.17
- Texas Class B Office Space$24.95
- Texas Class C Office Space$31.07
Midland, TX Office Asking Rents by Class
Office Spaces for Rent in Texas
Coworking Spaces in Texas
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2023 Office Construction in Midland, TX
| Office building | Address | SF | Completed |
|---|---|---|---|
| New Office Suite in One Petroleum Center | 3300 North A Street, Building 6-201, 79705 | 5,027 | 2024 |
| 1011 W Texas Ave | 1011 W Texas Ave, 79701 | 5,000 | 2024 |
| 1011 W Texas Ave | 1011 W Texas Ave, 79701 | 5,000 | 2024 |
| Andrews Highway Medical Office Space | 3403 Andrews Highway, Suite 100, 79703 | 3,579 | 2011 |
| 516 Veterans Airpark Lane, Bldg B | 516 Veterans Airpark Lane, Bldg B, 79705 | 16,016 | 1995 |
| 500 W Illinois Ave | 500 W Illinois Ave, 79701 | 182,062 | 1984 |
| 4000 North Big Spring Street | 4000 North Big Spring Street, 79705 | 96,711 | 1983 |
| Highly Visible Entertainment Center | 1110 E Scharbauer Dr, 79705 | 15,452 | 1983 |
| APEX Building | 15 Smith Road, 79705 | 261,440 | 1982 |
| 3510 North A Street | 3510 North A Street, 79705 | 82,328 | 1982 |
Worth noting among recent office completions on the Midland market is New Office Suite in One Petroleum Center, which is currently the largest new office development in the city, at 5,027 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 Midland 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.