10 Most Affordable States for Leasing Commercial Properties

Published: 05-12-2022  Category: Flexible Lease

Commercial real estate leasing prices vary widely depending on location, size, and other factors.

If you’re thinking about leasing commercial property in the near future, you’ll want to look into the costs of leasing that space before making an offer.

Commercial leases are often complex and involve many factors, including the value of the land, monthly rent, and other costs associated with leasing that property.

To find out where you can lease commercial real estate at affordable rates, we’ve created a list of the most affordable states for commercial leasing.

#10 – North Carolina

The average monthly leasing costs in North Carolina are $30.61 per square foot.

The average cost of office rent per square foot in North Carolina in 2020 was:

  • Class A Office Space: $30.61 per square foot
  • Class B Office Space: $24.61 per square foot
  • Class C Office Space: $19.32 per square foot

The major cities in North Carolina where you can lease commercial properties include Charlotte, Raleigh, and Greensboro.

#9 – Illinois

The average monthly leasing costs in Illinois are $34.92 per square foot.

The average cost of office rent per square foot in Illinois in 2020 was:

  • Class A Office Space: $34.92 per square foot
  • Class B Office Space: $24.53 per square foot
  • Class C Office Space: $18.73 per square foot

The major cities in Illinois where you can lease commercial properties include Chicago, Rockford, and Peoria. Rural areas of the state are much more affordable than in urban centers such as Chicago, where commercial rents are among the highest in the nation.

#8 – Florida

The average monthly leasing costs in Florida are $37.78 per square foot. However, the averages are heavily influenced by more expensive cities. There are many affordable options in Ocala, Polk County, and the panhandle.

The average cost of office rent per square foot in Florida in 2020 was:

  • Class A Office Space: $37.78 per square foot
  • Class B Office Space: $23.96 per square foot
  • Class C Office Space: $18.38 per square foot

The major cities in Florida where you can lease commercial properties include Miami, the Tampa Bay area, and Jacksonville.

#7 – Indiana

The average monthly leasing costs in Indiana are $24 per square foot.

The average cost of office rent per square foot in Indiana in 2020 was:

  • Class A Office Space: $24 per square foot
  • Class B Office Space: $19.58 per square foot
  • Class C Office Space: $16.80 per square foot

The major cities in Indiana where you can lease commercial properties include Indianapolis, Fort Wayne, and Evansville.

#6 – Kansas

The average monthly leasing costs in Kansas are $25.89 per square foot.

The average lease rate on commercial property in Kansas City is $18.32 per square foot, making it a great deal for businesses wanting space in a city center.

The average cost of office rent per square foot in Kansas in 2020 was:

  • Class A Office Space: $25.89 per square foot
  • Class B Office Space: $20.36 per square foot
  • Class C Office Space: $16.69 per square foot

The major cities in Kansas where you can lease commercial properties include Wichita, Topeka, and Salina.

#5 – Georgia

The average monthly leasing costs in Georgia are $30.31 per square foot.

The average cost of office rent per square foot in Georgia in 2020 was:

  • Class A Office Space: $30.31 per square foot
  • Class B Office Space: $21.23 per square foot
  • Class C Office Space: $16.05 per square foot

The major cities in Georgia where you can lease commercial properties include Atlanta, Savannah, and Macon.

#4 – Missouri

The average monthly leasing costs in Missouri are $22.59 per square foot.

The average cost of office rent per square foot in Missouri in 2020 was:

  • Class A Office Space: $22.59 per square foot
  • Class B Office Space: $20.22 per square foot
  • Class C Office Space: $14.48 per square foot

The major cities in Missouri where you can lease commercial properties include St. Louis, Kansas City, and Jefferson City.

#3 – Alabama

Alabama is among the most affordable states for commercial leasing, according to our data.

The average cost of office rent per square foot in Alabama in 2020 was:

  • Class A Office Space: $23.29 per square foot
  • Class B Office Space: $16.63 per square foot
  • Class C Office Space: $14.34 per square foot

The average monthly leasing costs $20.99 per square foot in Birmingham, Alabama for Class A office space. You’ll find most commercial properties in Alabama in the Birmingham and Huntsville areas.

#2 – Arkansas

The average monthly leasing costs in Arkansas are $26.31 per square foot.

The average cost of office rent per square foot in Arkansas in 2020 was:

  • Class A Office Space: $26.31 per square foot
  • Class B Office Space: $16.92 per square foot
  • Class C Office Space: $14.12 per square foot

The major cities in Arkansas where you can lease commercial properties include Little Rock, Fort Smith, and Fayetteville.

#1 – Oklahoma

This state has among the lowest rates of monthly commercial leasing. The average monthly rate is $17.07 per square foot.

The average cost of office rent per square foot in Oklahoma in 2020 was:

  • Class A Office Space: $17.07 per square foot
  • Class B Office Space: $15.85 per square foot
  • Class C Office Space: $12.55 per square foot

The major cities in Oklahoma where you can lease commercial properties include Tulsa, Oklahoma City, and Lawton.

Average Rates Are Relative to Property Location and Size

There are a number of factors that affect commercial real estate leasing rates. In addition, the location of the property and its size will also affect leasing rates.

When you’re looking to lease commercial real estate, you’ll want to find the best deal possible so you can save money in the long run and grow your business.

While this list focused primarily on commercial office space for a true apples-to-apples comparison, other types of commercial real estate are often relative in terms of price and location.

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