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% |
Office Spaces for Rent in North Carolina
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Coworking Spaces in North Carolina
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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.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 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 | Environ Way, 27517 | 113,000 | 2009 |
| 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 |
| Palladian Corporate Center - 220 Leigh Farm Road | 220 Leigh Farm Road, 27707 | 100,462 | 2005 |
Worth noting among recent office completions on the Chapel Hill market is The Gwendolyn, which is currently the largest new office development in the city, at 109,000 square feet.
See reports for other markets
- Charlotte Office Rent Price
- Raleigh Office Rent Price
- Durham Office Rent Price
- Greensboro Office Rent Price
- Winston-Salem Office Rent Price
- Cary Office Rent Price
- Asheville Office Rent Price
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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.