2023 Office Space Rent & Sales
- $28.00 2023 Avg. Asking Rent
- -0.82% Y-o-Y Avg. Asking Rent Change
- 17.80% 2023 Office Vacancy Rate
Cary office price per square foot in 2023 was $28.00 on average. This marked a -0.82% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.80% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Cary Class A & A+ Office Space$28.41
- Cary Class B Office Space$26.40
- North Carolina Class A & A+ Office Space$32.22
- North Carolina Class B Office Space$25.82
- North Carolina Class C Office Space$29.73
Cary, NC Office Asking Rents by Class
2023 Office Vacancy Rates in Cary
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| South Raleigh | $34.14 | 29.00% |
| Morrisville | $29.97 | 28.34% |
| Apex - South Wake County | $29.47 | 12.18% |
| North Cary | $28.78 | 14.80% |
| South Cary | $26.99 | 20.65% |
Office Spaces for Rent in North Carolina
- Charlotte Office Space
- Raleigh Office Space
- Durham Office Space
- Cary Office Space
- Winston - Salem Office Space
- Greensboro Office Space
- Chapel Hill Office Space
- Fayetteville Office Space
- Apex Office Space
- Holly Springs Office Space
- Fuquay Varina Office Space
- Sanford Office Space
- Wake Forest Office Space
- Pittsboro Office Space
Coworking Spaces in North Carolina
- Atlanta Coworking Space
- Miami Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
- Philadelphia Coworking Space
- Columbus Coworking Space
- Jacksonville Coworking Space
- Cincinnati Coworking Space
- Raleigh Coworking Space
- Tampa Coworking Space
- Orlando Coworking Space
- Pittsburgh Coworking Space
- Alexandria Coworking Space
- Fort Lauderdale Coworking Space
- Boca Raton Coworking Space
- Durham Coworking Space
- Memphis Coworking Space
- Alpharetta Coworking Space
- Richmond Coworking Space
- Asheville Coworking Space
- Chattanooga Coworking Space
2023 Office Construction in Cary, NC
- Cary, NC Total SF completed in 2023 40,746
- Cary, NC Total SF under construction in 2024 45,328
During 2023, 40,746 square feet of new office space were delivered across the market. At the close of 2023, the Cary office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 40,746 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 45,328 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Regency Woods II | 175 Regency Woods Place, 27518 | 151,000 | 2019 |
| HealthPark at Kildaire I | 115 Kildaire Park Dr., 27518 | 87,000 | 2019 |
| 105 Weston Estates Way | 105 Weston Estates Way, 27513 | 11,969 | 2018 |
| 5000 CentreGreen | 5000 Centregreen Way, 27513 | 170,372 | 2017 |
| 7560 Carpenter Fire Station Road | 7560 Carpenter Fire Station Road, 27519 | 36,000 | 2017 |
| Crescent Lakeside II | 1255 Crescent Green Drive, 27518 | 146,000 | 2008 |
| 5000 Valleystone Drive | 5000 Valleystone Drive, 27519 | 28,002 | 2008 |
| 160 MacGregor Pines Drive #301 | 160 MacGregor Pines Drive, 27511 | 2,883 | 2008 |
| 155 Parkway Office Court | 155 Parkway Office Court, 27518 | 2,072 | 2008 |
| Regency Creek I | 12040 Regency Pkwy, 27518 | 122,087 | 2007 |
Worth noting among recent office completions on the Cary market is Regency Woods II, which is currently the largest new office development in the city, at 151,000 square feet.
See reports for other markets
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Cary commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.