Raleigh-Durham Office Market Reports | Avison Young US - Raleigh-Durham
Raleigh-Durham office market reports
2023 Q2 highlights and trends
While enduring a decrease in office using job postings and high overall availability rates, the Raleigh-Durham office market is showing signs of improving market conditions. Overall asking rental rates have increased, and tenants have shown interest in moving into new spaces as occupancy in new properties have seen a notable increase. The Six Forks Rd submarket has seen a large increase of 9% in total asking rents since Q2 2022 while downtown Durham has seen a steady increase of 5% over the same period. Raleigh-Durham shows similar availability rates to other regional markets, and several notable office properties remain under development.
Decline in vacancy for new office space
Q1 of 2023 showed a decrease in vacancy for office product built in the past two years as tenants show interest in moving towards newer higher quality spaces.
Decline in office using job postings
Job postings in industries that use office space such as tech, consulting, banking and engineering have declined by 34% in the past year representing some economic difficulty for office tenants.
Increase in average full service asking rental rate
Asking rental rates have risen higher than the market has seen previously to an average of $32.28 psf. This increase has been driven by improving market conditions and higher upfront costs related to construction.
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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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