Memphis Office MarketBeat Q4 2025

The Cushman & Wakefield Memphis Office Q4 2025 report analyzes market fundamentals for the Memphis office sector, showing a 17.6% vacancy rate, 85,000 square feet of year-to-date net absorption, and an overall asking rent of $19.28 per square foot, with employment at 661,000 and unemployment at 4.6%. The report notes that Memphis recorded its lowest annual absorption since 2021 but ended the year positive through midsize move-ins with no large move-outs, while large deals remain rare and medical tenants are driving increased demand in the 5,000–15,000 square foot range, with tenant improvement allowances becoming a key factor in closing deals.