Springfield Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.47 2023 Avg. Asking Rent
  • 1.93% Y-o-Y Avg. Asking Rent Change
  • 21.71% 2023 Office Vacancy Rate
  • $27.2M2023 Total Office Sales
  • $188.36Avg. Sale Price/SF

Springfield office price per square foot in 2023 was $24.47 on average. This marked a +1.93% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.71% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $27.2M. Springfield office space commanded an average sale price per square foot of $188.36.

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

  • Virginia Class A & A+ Office Space$36.28
  • Virginia Class B Office Space$26.18
  • Virginia Class C Office Space$32.04

Springfield, VA Office Asking Rents by Class

Office Spaces for Rent in Virginia

Springfield Office Sale Price per SF

  • $188.362023 Avg. Price per SF
  • 17.80%Y-o-Y Avg. PpSF Change
  • $27.2M2023 Office Sales Volume
  • 32023 Number of Transactions

Springfield, VA Sale Price per SF Trend

  • Springfield Avg. Sale Price per SF in 2023$188.36
  • Virginia Avg. Sale Price per SF in 2023$147.91
Springfield office space cost in 2023 marked a +17.80% change compared to the previous year. The sale price for office space in Springfield averaged $188.36 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $147.91 per square foot.

2023 Office Sales Volume

  • Springfield, VA Total Office Sales Volume in 2023 $27.2M
  • Springfield, VA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Springfield office market in 2023, adding up to a yearly sales volume of $27.2M. Notably, the largest transaction on the market saw 7741 Southern Drive change hands for $13,965,000 on 7/26/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2023 Office Construction in Springfield, VA

Largest Office Properties Recently Completed in Springfield
Office building Address SF Completed
Patriot Ridge- Building I 7770 Backlick Road, 22150 240,565 2012
Virginia 95 Business Park 7 7501 Boston Boulevard, 22153 75,756 1997
Alban Road Business Center 7406 Alban Station Court, 22150 150,000 1989
Versar Center 6800 Versar Center Drive, 22151 230,602 1986
Fullerton Square 7400 Fullerton Road, 22153 178,364 1986
6820 & 6860 Commercial Drive 6860 Commercial Drive, 22151 129,600 1986
Forbes Center 8003 Forbes Place, 22151 44,229 1986
Offices at Springfield Town Center 6564 Loisdale Court, 22150 160,000 1984
7399 Boston Boulevard 7399 Boston Boulevard, 22153 103,557 1982
6506 Loisdale Road 6506 Loisdale Road, 22150 46,318 1982

Worth noting among recent office completions on the Springfield market is Patriot Ridge- Building I, which is currently the largest new office development in the city, at 240,565 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 Springfield 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.