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.

2 msf

Construction

Going into 2023, Raleigh-Durham had 2 msf of office product under construction, while deliveries were down 52.1% year-over-year.

0.02%

Absorption

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.

$31.32 psf

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.

2.7 msf

Sublease availabilities

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.

4.5%

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.

$344 psf

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.

Click here to download the 2022 Q4 Raleigh-Durham Office Report

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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