Raleigh Office Market Report
| Average Asking Rent (Price/SF) | $29.80 |
| Vacancy Rate (%) | 14.7% |
| Net Absorption (SF) | -566,825 |
Annual full-service asking rental rates reman near all-time historical highs at $29.80/SF, a 1.0% increase year over year. Occupancy declined, pushing overall vacancy rates to increase by 70 basis points year over year, and remains elevated at 14.7%. The under-construction pipeline remains muted with only 855,390 SF in progress at the end of the second quarter of 2023. Total leasing activity closed the quarter at 904,645 SF, averaging 7,415 SF per deal and reflecting an increase in deal size of 25.8% quarter over quarter.
Download Raleigh Office Market Report 2Q23