2023 Office Space Rent & Sales
- $37.11 2023 Avg. Asking Rent
- 1.26% Y-o-Y Avg. Asking Rent Change
- 23.59% 2023 Office Vacancy Rate
Plano office price per square foot in 2023 was $37.11 on average. This marked a +1.26% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.59% 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
- Plano Class A & A+ Office Space$40.11
- Plano Class B Office Space$27.44
- Plano Class C Office Space$19.54
- Texas Class A & A+ Office Space$36.17
- Texas Class B Office Space$24.95
- Texas Class C Office Space$31.07
Plano, TX Office Asking Rents by Class
Average office rent in Plano rested at $37.11 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 Plano averaged $40.11 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.44 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.54 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 Plano
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Platinum Corridor North | $37.60 | 24.60% |
| Plano | $26.46 | 16.77% |
| North Dallas | $25.91 | 23.39% |
Office Spaces for Rent in Texas
Coworking Spaces in Texas
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- Omaha Coworking Space
- Tucson Coworking Space
- Chattanooga Coworking Space
2023 Office Construction in Plano, TX
- Plano, TX Total SF completed in 2023 873,420
- Plano, TX Total SF under construction in 2024 787,635
During 2023, 873,420 square feet of new office space were delivered across the market. At the close of 2023, the Plano office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 873,420 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 787,635 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Ryan Tower at Legacy West | 8101 Windrose Avenue, 75024 | 409,182 | 2024 |
| 121 Commerce Center - TERRA | 8560 Belleview Drive, 75024 | 100,000 | 2024 |
| GRANITE PARK PROFESSIONAL OFFICE CONDOS | 5740 State Highway 121, 75024 | 33,600 | 2024 |
| Granite Park Six | 5525 Granite Pkwy, 75024 | 422,109 | 2023 |
| International Business Park - 6261-6275 West Plano Pkwy | 6275 West Plano Pkwy, 75093 | 238,652 | 2023 |
| 6100 Legacy | 6100 Legacy Dr, 75024 | 327,400 | 2022 |
| Towne Square II | 8400 Belleview Drive, 75024 | 80,051 | 2021 |
| Apex at Legacy | 5801 Headquarters Drive, 75024 | 209,267 | 2020 |
| International Business Park - 6201 West Plano Pkwy | 6201 West Plano Pkwy, 75093 | 171,333 | 2020 |
| Legacy Central One | 6500 Chase Oaks Blvd, 75023 | 200,000 | 2019 |
Worth noting among recent office completions on the Plano market is Ryan Tower at Legacy West, which is currently the largest new office development in the city, at 409,182 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 Plano 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.