Durham Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.52 2023 Avg. Asking Rent
  • 4.65% Y-o-Y Avg. Asking Rent Change
  • 26.19% 2023 Office Vacancy Rate
  • $237.8M2023 Total Office Sales
  • $229.54Avg. Sale Price/SF

Durham office price per square foot in 2023 was $28.52 on average. This marked a +4.65% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 26.19% across all asset classes combined. The 12 transactions that closed here throughout 2023 amounted to a total sale volume of $237.8M. Durham office space commanded an average sale price per square foot of $229.54.

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

  • Durham Class A & A+ Office Space$28.52
  • Durham Class B Office Space$28.89
  • Durham Class C Office Space$21.90
  • 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

Durham, NC Office Asking Rents by Class

Average office rent in Durham rested at $28.52 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Durham averaged $28.52 per square foot. Across all submarkets, class B office space recorded an average asking rent of $28.89 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.90 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2023 were: $32.22 per square foot for class A office space; $25.82 per square foot for class B office space; $29.73 per square foot for class C office space.

2023 Office Vacancy Rates in Durham

Submarket Asking Rents Vacancy Rates
Southeast Durham $30.70 29.29%
Downtown Durham $29.87 19.94%
South Durham $28.74 28.06%
Research Triangle Park $26.72 24.99%
Outlying Durham County $20.08 25.56%
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 Durham market was 26.19% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Durham was 19.94% in the Downtown Durham submarket, while the highest office vacancy in the market was 29.29%, recorded in Southeast Durham.

Office Spaces for Rent in North Carolina

Durham Office Sale Price per SF

  • $229.542023 Avg. Price per SF
  • -22.10%Y-o-Y Avg. PpSF Change
  • $237.8M2023 Office Sales Volume
  • 122023 Number of Transactions

Durham, NC Sale Price per SF Trend

  • Durham Avg. Sale Price per SF in 2023$229.54
  • North Carolina Avg. Sale Price per SF in 2023$187.79
Durham office space cost in 2023 marked a -22.10% change compared to the previous year. The sale price for office space in Durham averaged $229.54 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $187.79 per square foot.

2023 Office Sales Volume

  • Durham, NC Total Office Sales Volume in 2023 $237.8M
  • Durham, NC Total Number of Office Sales Closed in 2023 12
A total of 12 deals closed on the Durham office market in 2023, adding up to a yearly sales volume of $237.8M. Notably, the largest transaction on the market saw Carmichael Building change hands for $73,500,000 on 2/2/2023.

Largest Durham Office Sales in 2023

Property name Address Date Price
Carmichael Building 300 North Duke Street 2/2/2023 $73,500,000
Research Triangle Park - IBM Buildings 500-503 4205 South Miami Blvd 12/15/2023 $66,000,000
Research Lab Building, The 710 West Main Street 2/2/2023 $39,500,000
Creekstone Office Park - 4709 Creekstone Drive 4709 Creekstone Drive 5/25/2023 $20,740,000
City Place 501 Washington Street 3/3/2023 $12,800,000
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2023 Office Construction in Durham, NC

Largest Office Properties Recently Completed in Durham
Office building Address SF Completed
Horseshoe at Hub RTP 3151 Elion Drive, 27709 149,023 2024
The Roxboro at Venable Center 464 East Pettigrew Street, 27701 210,410 2022
555 Mangum 555 South Mangum Street, 27701 242,063 2020
Durham ID - 300 Morris Street 300 Morris Street, 27701 176,492 2018
Durham ID - 200 Morris Street 200 Morris Street, 27701 163,353 2018
One City Center - Office 110 Corcoran Street, 27701 152,000 2018
Herald-Sun Building 2828 Pickett Road, 27705 140,000 2018
Meridian Corporate Center - 2645 Meridian Pkwy 2645 Meridian Pkwy, 27713 76,446 2017
Diamond View III 359 Blackwell Street, 27701 133,000 2013
Measurement Building 404 Hunt Street, 27701 73,713 2011

Worth noting among recent office completions on the Durham market is Horseshoe at Hub RTP, which is currently the largest new office development in the city, at 149,023 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 Durham 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.