Raleigh-Durham office market reports

1Q22 highlights and trends

The Raleigh-Durham office market is gaining momentum as overall leasing activity and investor demand continued to accelerate in the first quarter. Access to talent, employment and education continue to provide key market fundamentals. The January 2022 unemployment rate of 3.2% has rebounded from the pandemic trough.

2.2 msf


At the end of the first quarter, Raleigh-Durham had 2.1 msf of office product under construction, of which 25% is preleased. First quarter deliveries added only 186k sf to inventory, with an additional 755k sf expected to complete by year-end.

3.6 msf

Office demand

In the last 12 months, office leasing activity totaled 3.6 msf, up 36% year-over-year. Raleigh-Durham’s suburban submarkets accounted for 70% of total positive absorption in the first quarter.


Direct asking rent

New construction rates, high costs of construction and a steady influx of investment capital continue to command record-high asking rents in Raleigh-Durham. Class A rates in CBD submarkets remain elevated, reaching $37.03 psf in the first quarter.

2.2 msf

Sublease availabilities

Raleigh-Durham’s total volume of sublease space on the market at the end of the first quarter, up 29% year-over-year.



Market-wide office vacancy increased by 210 bps year-over-year, which was attributed to new product that delivered in 2021 (1.9 msf) and tenant retraction.


Investment sales

Solid economic momentum and pent-up demand among confident investors continues to increase asset pricing in Raleigh-Durham. First quarter office investment sales volume totaled $198M after a record-setting 2021 total of $2.1B.

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Your source for the latest Raleigh-Durham office market reports

Get in-depth office market reports and insights from commercial real estate experts in the greater Triangle area. Avison Young advisors look at Raleigh-Durham commercial real estate activities and the latest Raleigh-Durham statistics to provide you expert market research on Raleigh-Durham's office properties.

Explore different topics like the latest office market pricing trends and analysis of Raleigh-Durham's current office real estate market conditions. Gain a better understanding of Raleigh-Durham’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Raleigh-Durham's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Raleigh-Durham.

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