Chapel Hill Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $29.56 2023 Avg. Asking Rent
  • -0.67% Y-o-Y Avg. Asking Rent Change
  • 26.93% 2023 Office Vacancy Rate

Chapel Hill office price per square foot in 2023 was $29.56 on average. This marked a -0.67% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 26.93% 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

  • 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

Chapel Hill, NC Office Asking Rents by Class

2023 Office Vacancy Rates in Chapel Hill

Submarket Asking Rents Vacancy Rates
Chapel Hill $29.56 24.76%
South Durham $28.74 28.06%
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 Chapel Hill market was 26.93% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Chapel Hill was 24.76% in the Chapel Hill submarket, while the highest office vacancy in the market was 28.06%, recorded in South Durham.

Office Spaces for Rent in North Carolina

Coworking Spaces in North Carolina

2023 Office Construction in Chapel Hill, NC

  • Chapel Hill, NC Total SF completed in 2023 174,918

During 2023, 174,918 square feet of new office space were delivered across the market. At the close of 2023, the Chapel Hill office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 174,918 square feet of office space.

Largest Office Properties Recently Completed in Chapel Hill
Office building Address SF Completed
136 East Rosemary Street & 137 East Franklin Street 136 East Rosemary Street, 27514 118,500 2023
Chatham Professional Park 10441 US Highway 15 501 North, 27517 17,600 2022
The Gwendolyn 101 Glen Lennox Drive, 27514 109,000 2021
The Station at East 54 1011 South Hamilton Road, 27517 47,856 2018
140 W Franklin St 140 W Franklin St, 27516 28,000 2012
East 54 1000 Environ Way, 27517 113,000 2009
Europa Place 101 Europa Drive, 27517 38,000 2008
Palladian Corporate Center - 240 Leigh Farm Road 240 Leigh Farm Road, 27707 100,546 2007
UNC Carolina Point II - Bldg 1 6011 Farrington Road, 27517 21,906 2007
UNC Carolina Crossing 2214 2218 2226 & 2234 Nc Hwy 54, 27517 62,567 2006

Worth noting among recent office completions on the Chapel Hill market is 136 East Rosemary Street & 137 East Franklin Street, which is currently the largest new office development in the city, at 118,500 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 Chapel Hill 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.