Raleigh Durham medical office remains in high demand
- Despite challenges in the traditional office market over the last few years, the medical office market has performed very well. In 2023, medical office availability was at a low 8.3%, and full-service asking rental rates rose 10.6% year over year to $32.04 per square foot.
- The availability of traditional office space has more than doubled since 2020, and full-service asking rental rates have declined by nearly 2.7% year over year to $31.07. Medical office full-service asking rental rates are now higher than rental rates of the same kind for traditional office.
- For the past 10 years, traditional office has maintained lower availability and higher full-service asking rental rates than medical office in Raleigh-Durham, however that trend may be coming to an end as the medical office market shows strong numbers while traditional office struggles.