Memphis Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Colliers
Quarterly office market indicators for Memphis, aggregated by CREhunt from Cushman & Wakefield, Colliers. As of Q2 2026, average asking rent was $20.47/SF/yr and vacancy was 18.0%, per Cushman & Wakefield.
Projected current office pricing — Memphis
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Memphis office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 Cushman & Wakefield asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~82% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $20.47/SF/yr | 18.0% | -18K SF | — | Cushman & Wakefield |
| Q4 2025 Cushman & Wakefield | $19.28/SF/yr | 17.6% | 85K SF | — | Cushman & Wakefield |
| Q1 2025 Colliers | $23.00/SF/yr | 24.7% | 336K SF | — | Colliers |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Memphis office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Airport | $16.22/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Downtown | $20.32/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| East | $22.31/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Midtown | $18.41/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| North | $15.80/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northeast | $20.05/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
Frequently asked questions
- What is the average asking rent for office space in Memphis?
- As of Q2 2026, the average asking rent for office space in Memphis was $20.47/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Memphis?
- The office vacancy rate in Memphis was 18.0% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Memphis market data come from?
- This report aggregates quarterly office market data for Memphis from Cushman & Wakefield, Colliers.