Raleigh-Durham office market reports
2022 Q4 highlights and trends
The Raleigh-Durham office market experienced changes in 2022 as working from home increased in popularity and subleasing became more common. High vacancy and high leasing activity pull the market in both directions as it continues the search for its supply/demand equilibrium going into 2023.
Going into 2023, Raleigh-Durham had 2 msf of office product under construction, while deliveries were down 52.1% year-over-year.
In the last 12 months, office net absorption totaled a low 9,124 sf. High negative absorption in the fourth quarter of 2022 erased much of the positive absorption recorded in prior 2022 quarters.
Direct asking rent
Despite high vacancy due to subleasing and work from home interest, high construction costs, supply chain issues, and optimistic landowner expectations have driven up asking rents 6.13% year-over-year.
Raleigh-Durham’s total volume of sublease space on the market at the end of the 2022 year totaled 2.7msf, up 36.8% year-over-year.
Increase Class A asking rental rates
Triangle Class A office rental rates have risen 4.5% year-over-year due to higher construction costs and supply chain issues delaying deliveries of tenant suites.
Investment sales price
Investment in Triangle office property remains strong with an average sales price per suqre foot of $344 despite a decline in total saleas volume compared to 2021.
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.
The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.