Commercial Real Estate costs, by state and province

Typical costs for commercial real estate per square foot per year (NNN). Location, building class, and lease terms (gross vs. net) matter. Open a market below for a local estimate.

Commercial real estate prices are highly location-dependent. Office space lease rates range from $20 to $80 per square foot annually in major cities, while retail space can be $15 to $100. Purchase prices for commercial property vary from $100 to $500 per square foot.

Lease Rates by Property Type

Class A office space in downtown areas leases for $40 to $80 per square foot per year. Retail space in prime shopping districts runs $50 to $100 per square foot. Industrial warehouse space is more affordable at $6 to $15 per square foot.

Purchase Prices

Commercial property purchase prices average $100 to $500 per square foot, with high-demand urban areas exceeding $1,000 per square foot. Cap rates typically range from 4% to 10%, depending on asset class and location.

Operating Expenses

Tenants often pay a pro-rata share of property taxes, insurance, and maintenance, adding $8 to $15 per square foot annually. Full-service leases include these costs, while triple-net leases pass them entirely to the tenant.

Typical Commercial Real Estate prices
ItemTypical range
Office Lease (sq ft/yr)$20 - $80
Retail Lease (sq ft/yr)$15 - $100
Purchase Price (sq ft)$100 - $500
Cap Rate4% - 10%

Every market for commercial real estate costs

383 markets have a page, each with a typical range where we have one and plain guidance on what moves the price.

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