Raleigh Office Market Report
Annual full-service asking rental rates declined from their historic high to $30.37/SF, reflecting quarterly and yearly declines of 1.6% and 0.2%, respectively. Occupancy declined year over year, as the market continues to work through the new deliveries that have occurred in recent years, pushing overall vacancy rates up by 91 basis points to a historic high of 20.8%. The under-construction pipeline ticked up to 130,388 SF under construction but remains below recent averages as the impacts of higher financing and construction costs have slowed construction starts. Total leasing activity for the quarter was 875,708 SF, which is 27.1% below the 16-year second-quarter average of 1.2 MSF.
Download Raleigh Office Market Report 2Q25