2024 Office Space Rent & Sales
- $29.40 2024 Avg. Asking Rent
- -1.24% Y-o-Y Avg. Asking Rent Change
- 29.53% 2024 Office Vacancy Rate
Morrisville office price per square foot in 2024 was $29.40 on average. This marked a -1.24% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 29.53% 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
2024 Average Office Rent per Square Foot
- Morrisville Class A & A+ Office Space$31.70
- Morrisville Class B Office Space$27.68
- Morrisville Class C Office Space$22.63
- North Carolina Class A & A+ Office Space$34.49
- North Carolina Class B Office Space$26.63
- North Carolina Class C Office Space$19.48
Morrisville, NC Office Asking Rents by Class
Average office rent in Morrisville rested at $29.40 per square foot in 2024. 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 $31.70 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.68 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.63 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2024 were: $34.49 per square foot for class A office space; $26.63 per square foot for class B office space; $19.48 per square foot for class C office space.
2024 Office Vacancy Rates in Morrisville
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Morrisville | $34.38 | 31.36% |
| Research Triangle Park | $33.94 | 27.17% |
| Southeast Durham | $30.59 | 25.10% |
| Airport - Northwest Raleigh | $26.57 | 16.98% |
Office Spaces for Rent in North Carolina
- Charlotte Office Space
- Raleigh Office Space
- Durham Office Space
- Cary Office Space
- Winston - Salem Office Space
- Greensboro Office Space
- Chapel Hill Office Space
- Fayetteville Office Space
- Apex Office Space
- Holly Springs Office Space
- Fuquay Varina Office Space
- Wake Forest Office Space
- Pittsboro Office Space
- Sanford Office Space
Coworking Spaces in North Carolina
- Atlanta Coworking Space
- Miami Coworking Space
- Nashville Coworking Space
- Philadelphia Coworking Space
- Charlotte Coworking Space
- Columbus Coworking Space
- Jacksonville Coworking Space
- Cincinnati Coworking Space
- Tampa Coworking Space
- Raleigh Coworking Space
- Orlando Coworking Space
- Pittsburgh Coworking Space
- Alexandria Coworking Space
- Boca Raton Coworking Space
- Fort Lauderdale Coworking Space
- Durham Coworking Space
- Memphis Coworking Space
- Alpharetta Coworking Space
- Richmond Coworking Space
- Asheville Coworking Space
- Chattanooga Coworking Space
2024 Office Construction in Morrisville, NC
- Morrisville, NC Total SF completed in 2024 405,928
- Morrisville, NC Total SF under construction in 2025 140,000
During 2024, 405,928 square feet of new office space were delivered across the market. At the close of 2024, the Morrisville office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 405,928 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 140,000 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: 3300 Paramount | 3300 Paramount Pkwy, 27560 | 97,893 | 2018 |
| 1117 Parkside Main Street | 1117 Parkside Main Street, 27519 | 6,651 | 2015 |
| Perimeter Park: Perimeter Three | 3015 Carrington Mill Blvd, 27560 | 247,328 | 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 | 204,851 | 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.
See reports for other markets
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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.