Spring Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $36.54 2023 Avg. Asking Rent
  • 0.54% Y-o-Y Avg. Asking Rent Change
  • 20.71% 2023 Office Vacancy Rate

Spring office price per square foot in 2023 was $36.54 on average. This marked a +0.54% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 20.71% 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

  • Spring Class A & A+ Office Space$40.27
  • Spring Class B Office Space$26.03
  • Texas Class A & A+ Office Space$36.17
  • Texas Class B Office Space$24.95
  • Texas Class C Office Space$31.07

Spring, TX Office Asking Rents by Class

2023 Office Vacancy Rates in Spring

Submarket Asking Rents Vacancy Rates
The Woodlands $34.17 19.55%
Cypress West $24.33 29.14%
Cypress East $15.16 31.46%
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 Spring market was 20.71% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Spring was 19.55% in the The Woodlands submarket, while the highest office vacancy in the market was 31.46%, recorded in Cypress East.

Office Spaces for Rent in Texas

Coworking Spaces in Texas

2023 Office Construction in Spring, TX

  • Spring, TX Total SF completed in 2023 165,000
  • Spring, TX Total SF under construction in 2024 48,253

During 2023, 165,000 square feet of new office space were delivered across the market. At the close of 2023, the Spring office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 165,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 48,253 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Spring
Office building Address SF Completed
Richards Road Business Park 25533 Richards Road, 77386 39,500 2023
CityPlace 1 1700 City Plaza Drive, 77389 149,600 2019
CityPlace 2 1701 City Plaza Drive, 77389 327,000 2018
2940 Farm to Market 2920 2940 Farm to Market 2920, 77388 20,473 2018
French Quarter - 7107 Building 7107 FM 2920 , 77379 10,500 2018
Grand Parkway Marketplace II 21650 Kuykendahl Road, 77379 237,725 2017
Havenwood Office Park 25700 Interstate 45, 77386 250,000 2016
French Quarter Business Park - 7115 7115 FM 2920, 77379 6,600 2016
Champion Forest Condo For Sale 20008 Champion Forest Drive, Unit 1201, 77379 1,225 2015
Wildwood Corporate Centre I 460 Wildwood Forest Drive, 77380 128,756 2014

Worth noting among recent office completions on the Spring market is Richards Road Business Park, which is currently the largest new office development in the city, at 39,500 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 Spring 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.