Cary Office Rent Price & Sales Report

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%
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 17.80% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cary was 12.18% in the Apex - South Wake County submarket, while the highest office vacancy in the market was 29.00%, recorded in South Raleigh.

Office Spaces for Rent in North Carolina

Coworking Spaces in North Carolina

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.

Largest Office Properties Recently Completed in Cary
Office building Address SF Completed
The Jordan 155 W. Chatham St., 27511 80,548 2023
Medical Park of Cary 210 Ashville Avenue, 27518 125,000 2020
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
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

Worth noting among recent office completions on the Cary market is The Jordan, which is currently the largest new office development in the city, at 80,548 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 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.