Raleigh Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $31.68 2023 Avg. Asking Rent
  • 20.38% 2023 Office Vacancy Rate
  • $210.9M2023 Total Office Sales
  • $307.02Avg. Sale Price/SF

Raleigh office price per square foot in 2023 was $31.68 on average. The local office market recorded an average vacancy rate of 20.38% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $210.9M. Raleigh office space commanded an average sale price per square foot of $307.02.

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

  • Raleigh Class A & A+ Office Space$34.68
  • Raleigh Class B Office Space$27.78
  • Raleigh Class C Office Space$20.87
  • 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

Raleigh, NC Office Asking Rents by Class

Average office rent in Raleigh rested at $31.68 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 Raleigh averaged $34.68 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.78 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.87 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 Raleigh

Submarket Asking Rents Vacancy Rates
Raleigh CBD $36.08 27.63%
South Raleigh $34.14 29.00%
Raleigh - Glenwood Ave $33.45 14.97%
West Raleigh $30.03 23.02%
Raleigh - Six Forks Road $28.85 9.67%
Raleigh - Falls of Neuse $27.34 22.66%
Raleigh - Capital Blvd $26.81 25.45%
North Wake County $24.20 8.98%
Airport - Northwest Raleigh $23.94 17.70%
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 20.38% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Raleigh was 8.98% in the North Wake County submarket, while the highest office vacancy in the market was 29.00%, recorded in South Raleigh.

Office Spaces for Rent in North Carolina

Raleigh Office Sale Price per SF

  • $307.022023 Avg. Price per SF
  • -18.45%Y-o-Y Avg. PpSF Change
  • $210.9M2023 Office Sales Volume
  • 62023 Number of Transactions

Raleigh, NC Sale Price per SF Trend

  • Raleigh Avg. Sale Price per SF in 2023$307.02
  • North Carolina Avg. Sale Price per SF in 2023$187.79
Raleigh office space cost in 2023 marked a -18.45% change compared to the previous year. The sale price for office space in Raleigh averaged $307.02 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

  • Raleigh, NC Total Office Sales Volume in 2023 $210.9M
  • Raleigh, NC Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Raleigh office market in 2023, adding up to a yearly sales volume of $210.9M. Notably, the largest transaction on the market saw Midtown Plaza change hands for $132,900,000 on 12/14/2023.
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2023 Office Construction in Raleigh, NC

  • Raleigh, NC Total SF completed in 2023 1,221,529
  • Raleigh, NC Total SF under construction in 2024 1,125,891

During 2023, 1,221,529 square feet of new office space were delivered across the market. At the close of 2023, the Raleigh office inventory included 8 buildings equal to or larger than 25,000 square feet, which comprised 1,221,529 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,125,891 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Raleigh
Office building Address SF Completed
1000 Social 1010 Saint Albans Drive, 27609 353,891 2024
Tower 5 at North Hills 541 Church at North Hills Street, 27609 326,888 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
Tower Two @ Bloc[83] 621 Hillsborough Street, 27603 271,320 2021

Worth noting among recent office completions on the Raleigh market is 1000 Social, which is currently the largest new office development in the city, at 353,891 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 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.