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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

SubmarketAsking RentsVacancy Rates
Memphis - Poplar Corridor$23.756.58 %
Memphis - East$18.6120.30 %
Memphis - Downtown$18.4010.66 %
Memphis - SR 385 Corridor$17.8423.55 %
Memphis - Midtown$16.6413.77 %
Memphis - Northeast$16.3911.98 %
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 nameAddressTotal SqftYear built
FedEx World Headquarters3610 Hacks Cross Road, 381251,100,0002000
Crosstown Concourse495 North Watkins Street, 381041,000,0002017
Clark Tower5100 Poplar Avenue, 38117668,5051973
4001 Airways Blvd4001 Airways Blvd, 38116521,2861985
165 Madison Avenue165 Madison Avenue, 38103509,0001966
150 Peabody Place150 Peabody Place, 38103400,0002017
One Commerce Square40 South Main Street, 38103399,3501972
Audubon Woods Business Campus755 Crossover Lane, 38117360,0001981
Crescent Center6075 Poplar Avenue, 38119337,9161986
Raymond James Tower50 North Front Street, 38103334,6681984
Largest Office Properties Recently Completed in Memphis
Office buildingAddressSqftCompleted
Orion Federal Credit Union Headquarters400 Monroe Avenue, 3810375,0002019
Crosstown Concourse495 North Watkins Street, 381041,000,0002017
150 Peabody Place150 Peabody Place, 38103400,0002017
949 South Shady Grove Road949 South Shady Grove Road, 38120155,0002017
International Place IV1740 International Drive, 38197241,1772014
3495 Hacks Cross Road3495 Hacks Cross Road, 38125113,0002013
Triad Centre III6070 Poplar Avenue, 38119148,8102009
Medtronic Campus - 1770 Pyramid Place1770 Pyramid Place, 38132176,5322008
Ridgeway Center - 999 Shady Grove999 South Shady Grove Road, 38120155,0002008
Southwind Office Center - 3251 Players Club Pkwy3251 Players Club Pkwy, 3812561,2672008

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