Cary Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $31.05 2024 Avg. Asking Rent
  • 21.83% 2024 Office Vacancy Rate
  • $89.6M2024 Total Office Sales
  • $207.50Avg. Sale Price/SF

Cary office price per square foot in 2024 was $31.05 on average. The local office market recorded an average vacancy rate of 21.83% across all asset classes combined. The 7 transactions that closed here throughout 2024 amounted to a total sale volume of $89.6M. Cary office space commanded an average sale price per square foot of $207.50.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Cary Class A & A+ Office Space$31.31
  • Cary Class B Office Space$30.03
  • North Carolina Class A & A+ Office Space$34.49
  • North Carolina Class B Office Space$26.63
  • North Carolina Class C Office Space$19.48

Cary, NC Office Asking Rents by Class

2024 Office Vacancy Rates in Cary

Submarket Asking Rents Vacancy Rates
Morrisville $34.38 31.36%
North Cary $33.34 18.94%
South Raleigh $32.05 21.77%
South Cary $30.58 25.92%
Apex - South Wake County $26.31 23.85%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Cary market was 21.83% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cary was 18.94% in the North Cary submarket, while the highest office vacancy in the market was 31.36%, recorded in Morrisville.

Office Spaces for Rent in North Carolina

Cary Office Sale Price per SF

  • $207.502024 Avg. Price per SF
  • -34.88%Y-o-Y Avg. PpSF Change
  • $89.6M2024 Office Sales Volume
  • 72024 Number of Transactions

Cary, NC Sale Price per SF Trend

  • Cary Avg. Sale Price per SF in 2024$207.50
  • North Carolina Avg. Sale Price per SF in 2024$182.30
Cary office space cost in 2024 marked a -34.88% change compared to the previous year. The sale price for office space in Cary averaged $207.50 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $182.30 per square foot.

2024 Office Sales Volume

  • Cary, NC Total Office Sales Volume in 2024 $89.6M
  • Cary, NC Total Number of Office Sales Closed in 2024 7
A total of 7 deals closed on the Cary office market in 2024, adding up to a yearly sales volume of $89.6M. Notably, the largest transaction on the market saw 3500 Regency Pkwy change hands for $7,100,000 on 2/2/2024.
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2024 Office Construction in Cary, NC

  • Cary, NC Total SF completed in 2024 45,328

During 2024, 45,328 square feet of new office space were delivered across the market. At the close of 2024, the Cary office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 45,328 square feet of office space.

Largest Office Properties Recently Completed in Cary
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
160 MacGregor Pines Drive #110 160 MacGregor Pines Drive, 27511 1,295 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.

Data provided by Commercial Edge

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.