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901.289.1374
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Realtors of the Mid-south: Tennessee, Mississippi & Arkansas
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Realtors of the Mid-south: Tennessee, Mississippi & Arkansas

Commercial

OFFICE RENTAL MARKET

  • $18.322019 Avg. Asking Rent
  • 16.64 %2019 Avg. Vacancy Rate
  • 60,0002019 Office Completions (Sqft)
  • 200,0002020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Memphis was $18.32 per square foot, and the office vacancy rate across the market averaged 16.64 %. During 2019, developers added 60,000 square feet of new office space to the Memphis market inventory. Office developments estimated for delivery during 2020 total 200,000 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Memphis Class A Office Buildings$20.77
  • Memphis Class B Office Buildings$18.38
  • Memphis Class C Office Buildings$16.93
  • TN Class A Office Buildings$31.64
  • TN Class B Office Buildings$21.27
  • TN Class C Office Buildings$18.63

Memphis, TN Office Asking Rents by Class

Office asking rents vary across the Memphis office market depending on several factors, one of which is property class. While rents for Class A office buildings in Memphis averaged $20.77 per square foot in 2019, Class B office properties garnered average rental rates of $18.38 per square foot. Rental rates for Class C office property in Memphis averaged $16.93 per square foot. On a statewide level, Class B office space rents averaged $21.27 per square foot, while rents for Class A office space across Tennessee averaged $31.64 per square foot. On average, Class C office properties in Tennessee commanded rents of $18.63 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
Memphis – Poplar Corridor $23.75 6.58 %
Memphis – East $18.61 20.30 %
Memphis – Downtown $18.40 10.66 %
Memphis – SR 385 Corridor $17.84 23.55 %
Memphis – Midtown $16.64 13.77 %
Memphis – Northeast $16.39 11.98 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Memphis was 6.58 % in the Memphis – Poplar Corridor submarket, where asking rents averaged $23.75.
  • The highest office vacancy rate in 2019 in Memphis was 23.55 % in the Memphis – SR 385 Corridor submarket, where asking rents averaged $17.84.

OFFICE CONSTRUCTION IN MEMPHIS, TNMemphis, TN Total Sqft completed in 201960,000

  • Memphis, TN Total Sqft under construction in 2020            200,000
10 Largest Office Buildings in Memphis
Building name Address Total Sqft Year built
FedEx World Headquarters 3610 Hacks Cross Road, 38125 1,100,000 2000
Crosstown Concourse 495 North Watkins Street, 38104 1,000,000 2017
Clark Tower 5100 Poplar Avenue, 38117 668,505 1973
4001 Airways Blvd 4001 Airways Blvd, 38116 521,286 1985
165 Madison Avenue 165 Madison Avenue, 38103 509,000 1966
150 Peabody Place 150 Peabody Place, 38103 400,000 2017
One Commerce Square 40 South Main Street, 38103 399,350 1972
Audubon Woods Business Campus 755 Crossover Lane, 38117 360,000 1981
Crescent Center 6075 Poplar Avenue, 38119 337,916 1986
Raymond James Tower 50 North Front Street, 38103 334,668 1984
Largest Office Properties Recently Completed in Memphis
Office building Address Sqft Completed
Orion Federal Credit Union Headquarters 400 Monroe Avenue, 38103 75,000 2019
Crosstown Concourse 495 North Watkins Street, 38104 1,000,000 2017
150 Peabody Place 150 Peabody Place, 38103 400,000 2017
949 South Shady Grove Road 949 South Shady Grove Road, 38120 155,000 2017
International Place IV 1740 International Drive, 38197 241,177 2014
3495 Hacks Cross Road 3495 Hacks Cross Road, 38125 113,000 2013
Triad Centre III 6070 Poplar Avenue, 38119 148,810 2009
Medtronic Campus – 1770 Pyramid Place 1770 Pyramid Place, 38132 176,532 2008
Ridgeway Center – 999 Shady Grove 999 South Shady Grove Road, 38120 155,000 2008
Southwind Office Center – 3251 Players Club Pkwy 3251 Players Club Pkwy, 38125 61,267 2008

Office

Integrated Assets Realty
5865 Ridgeway center 300Memphis
Tennessee 38120
901-289-1374
901-820-4585
Broker@MGlenn.Realtor
www.AppraiserMcDonald.com

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