2023 Office Space Rent & Sales
- $29.77 2023 Avg. Asking Rent
- 3.83% Y-o-Y Avg. Asking Rent Change
- 27.38% 2023 Office Vacancy Rate
Morrisville office price per square foot in 2023 was $29.77 on average. This marked a +3.83% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 27.38% 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
- Morrisville Class A & A+ Office Space$31.27
- Morrisville Class B Office Space$27.93
- Morrisville Class C Office Space$24.31
- 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
Morrisville, NC Office Asking Rents by Class
Average office rent in Morrisville rested at $29.77 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 Morrisville averaged $31.27 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.93 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $24.31 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 Morrisville
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Southeast Durham | $30.70 | 29.29% |
| Morrisville | $29.97 | 28.34% |
| Research Triangle Park | $26.72 | 24.99% |
| Airport - Northwest Raleigh | $23.94 | 17.70% |
Office Spaces for Rent in North Carolina
Coworking Spaces in North Carolina
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- Chattanooga Coworking Space
2023 Office Construction in Morrisville, NC
- Morrisville, NC Total SF completed in 2023 62,181
- Morrisville, NC Total SF under construction in 2024 543,340
During 2023, 62,181 square feet of new office space were delivered across the market. At the close of 2023, the Morrisville office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 62,181 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 543,340 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Slater Station | 703 Slater Road, 27560 | 35,351 | 2024 |
| Forty540 - Building 2 | 710 Slater Road, 27560 | 198,535 | 2021 |
| Perimeter Park: 4000 Paramount | 4000 Paramount Parkway, 27560 | 90,000 | 2021 |
| 1117 Parkside Main Street | 1117 Parkside Main Street, 27519 | 6,651 | 2015 |
| Perimeter Park: Perimeter Three | 3015 Carrington Mill Blvd, 27560 | 245,352 | 2014 |
| Perimeter Park: Perimeter Two | 3020 Carrington Mill Blvd, 27560 | 209,657 | 2014 |
| Perimeter Park - 5221 Paramount Pkwy | 5221 Paramount Pkwy, 27560 | 140,192 | 2008 |
| RDU Center III | 2121 RDU Center Drive, 27560 | 114,518 | 2008 |
| Perimeter Park: 2250 Perimeter | 2250 Perimeter Park Dr, 27560 | 107,173 | 2008 |
| Perimeter Park: Perimeter One | 3005 Carrington Mill Blvd, 27560 | 204,000 | 2007 |
Worth noting among recent office completions on the Morrisville market is Slater Station, which is currently the largest new office development in the city, at 35,351 square feet.
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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 Morrisville 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.