Raleigh Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $34.74 2024 Avg. Asking Rent
  • 20.90% 2024 Office Vacancy Rate
  • $225.1M2024 Total Office Sales
  • $158.45Avg. Sale Price/SF

Raleigh office price per square foot in 2024 was $34.74 on average. The local office market recorded an average vacancy rate of 20.90% across all asset classes combined. The 17 transactions that closed here throughout 2024 amounted to a total sale volume of $225.1M. Raleigh office space commanded an average sale price per square foot of $158.45.

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

  • Raleigh Class A & A+ Office Space$37.90
  • Raleigh Class B Office Space$28.12
  • Raleigh Class C Office Space$19.77
  • 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

Raleigh, NC Office Asking Rents by Class

Average office rent in Raleigh rested at $34.74 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 Raleigh averaged $37.90 per square foot. Across all submarkets, class B office space recorded an average asking rent of $28.12 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.77 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 Raleigh

Submarket Asking Rents Vacancy Rates
Raleigh CBD $36.17 24.32%
Raleigh - Capital Blvd $34.87 21.89%
West Raleigh $34.83 16.60%
Raleigh - Glenwood Ave $34.73 19.76%
Raleigh - Falls of Neuse $33.88 27.49%
Raleigh - Six Forks Road $33.21 22.46%
South Raleigh $32.05 21.77%
South Cary $30.58 25.92%
Airport - Northwest Raleigh $26.57 16.98%
North Wake County $24.17 12.41%
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 Raleigh market was 20.90% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Raleigh was 12.41% in the North Wake County submarket, while the highest office vacancy in the market was 27.49%, recorded in Raleigh - Falls of Neuse.

Office Spaces for Rent in North Carolina

Raleigh Office Sale Price per SF

  • $158.452024 Avg. Price per SF
  • -48.39%Y-o-Y Avg. PpSF Change
  • $225.1M2024 Office Sales Volume
  • 172024 Number of Transactions

Raleigh, NC Sale Price per SF Trend

  • Raleigh Avg. Sale Price per SF in 2024$158.45
  • North Carolina Avg. Sale Price per SF in 2024$182.30
Raleigh office space cost in 2024 marked a -48.39% change compared to the previous year. The sale price for office space in Raleigh averaged $158.45 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $182.30 per square foot.

2024 Office Sales Volume

  • Raleigh, NC Total Office Sales Volume in 2024 $225.1M
  • Raleigh, NC Total Number of Office Sales Closed in 2024 17
A total of 17 deals closed on the Raleigh office market in 2024, adding up to a yearly sales volume of $225.1M. Notably, the largest transaction on the market saw Rexwoods Office Center - 2301 Rexwoods Drive & 4207, 4301 & 4325 Lake Boone Trail change hands for $33,940,000 on 4/4/2024.

Largest Raleigh Office Sales in 2024

Property name Address Date Price
Rexwoods Office Center - 2301 Rexwoods Drive & 4207, 4301 & 4325 Lake Boone Trail 4325 Lake Boone Trail 4/4/2024 $33,940,000
8801 Durant Road 8801 Durant Road 3/27/2024 $29,100,000
4800 North Park 4800 Falls of Neuse Road 11/21/2024 $21,350,000
Landmark at North Hills, The 4601 Six Forks Road 7/24/2024 $21,300,000
227 Fayetteville Street 227 Fayetteville Street 1/2/2024 $14,994,000
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2024 Office Construction in Raleigh, NC

  • Raleigh, NC Total SF completed in 2024 832,877

During 2024, 832,877 square feet of new office space were delivered across the market. At the close of 2024, the Raleigh office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 832,877 square feet of office space.

Largest Office Properties Recently Completed in Raleigh
Office building Address SF Completed
Tower 5 at North Hills 541 Church at North Hills Street, 27609 382,000 2024
1000 Social 1010 Saint Albans Drive, 27609 353,891 2024
The Macon at Edwards Mill 4225 Macon Pond Road, 27607 126,272 2024
4114 Creative Offices 4114 Center At North Hills Street, 27609 100,800 2024
One North Hills Tower 4000 Center At North Hills Street, 27609 266,000 2023
GlenLake Three 4300 Edwards Mill Road, 27612 205,000 2023
400H 400 Hillsborough Street, 27603 161,345 2023
Raleigh Crossing 301 Hillsborough Street, 27603 292,457 2022
The Edge - Midtown 4109 Wake Forest Road, 27609 33,793 2022
Tower Two 621 Hillsborough Street, 27603 281,750 2021

Worth noting among recent office completions on the Raleigh market is Tower 5 at North Hills, which is currently the largest new office development in the city, at 382,000 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 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 Raleigh 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.