2021 Office Space Rent & Sales
- $27.72 2021 Avg. Asking Rent
- 1.49% Y-o-Y Avg. Asking Rent Change
- 17.57% 2021 Office Vacancy Rate
- $167.4M2021 Total Office Sales
- $245.58Avg. Sale Price/SF
Cary office price per square foot in 2021 was $27.72 on average. This marked a +1.49% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.57% across all asset classes combined. The 10 transactions that closed here throughout 2021 amounted to a total sale volume of $167.4M. Cary office space commanded an average sale price per square foot of $245.58.
Average Rent by Office Class
2021 Average Office Rent per Square Foot
- Cary Class A & A+ Office Space$28.84
- Cary Class B Office Space$24.71
- Cary Class C Office Space$21.66
- North Carolina Class A & A+ Office Space$30.03
- North Carolina Class B Office Space$23.99
- North Carolina Class C Office Space$18.96
Cary, NC Office Asking Rents by Class
Average office rent in Cary rested at $27.72 per square foot in 2021. 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 Cary averaged $28.84 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.71 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.66 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2021 were: $30.03 per square foot for class A office space; $23.99 per square foot for class B office space; $18.96 per square foot for class C office space.
2021 Office Vacancy Rates in Cary
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
North Cary | $28.05 | 16.96% |
South Cary | $27.66 | 18.22% |
Cary Office Sale Price per SF
- $245.582021 Avg. Price per SF
- 37.37%Y-o-Y Avg. PpSF Change
- $167.4M2021 Office Sales Volume
- 102021 Number of Transactions
Cary, NC Sale Price per SF Trend
- Cary Avg. Sale Price per SF in 2021$245.58
- North Carolina Avg. Sale Price per SF in 2021$292.62
2021 Office Sales Volume
- Cary, NC Total Office Sales Volume in 2021 $167.4M
- Cary, NC Total Number of Office Sales Closed in 2021 10
Largest Cary Office Sales in 2021
Property name | Address | Date | Price |
---|---|---|---|
Regency Woods II | 175 Regency Woods Place | 12/9/2021 | $53,925,000 |
Twenty Three 33 | 2333 Walnut Street | 12/15/2021 | $27,000,000 |
Weston Corporate Park - 6501 Weston Pkwy | 6501 Weston Pkwy | 8/13/2021 | $24,000,000 |
13000 Weston Pkwy | 13000 Weston Pkwy | 1/4/2021 | $12,020,000 |
MacGregor Yards - 118 MacKenan Drive | 118 MacKenan Drive | 12/13/2021 | $10,276,580 |
Coworking Spaces in North Carolina
- Atlanta Coworking Space
- Chicago Coworking Space
- Washington Coworking Space
- Miami Coworking Space
- Charlotte Coworking Space
- Raleigh Coworking Space
- Durham Coworking Space
- Asheville Coworking Space
- Chapel Hill Coworking Space
- Cary Coworking Space
- Greensboro Coworking Space
- Wake Forest Coworking Space
- Huntersville Coworking Space
- Wilmington Coworking Space
- Winston - Salem Coworking Space
- Burlington Coworking Space
- Concord Coworking Space
- Fuquay Varina Coworking Space
- Holly Springs Coworking Space
- Shelby Coworking Space
2021 Office Construction in Cary, NC
- Cary, NC Total SF completed in 2021 86,172
- Cary, NC Total SF under construction in 2022 176,476
During 2021, 86,172 square feet of new office space were delivered across the market. At the close of 2021, the Cary office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 86,172 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 176,476 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
The Jordan | 155 W. Chatham St., 27511 | 80,548 | 2023 |
Medical Park of Cary | 210 Ashville Avenue, 27518 | 125,000 | 2020 |
Regency Woods II | 175 Regency Woods Place, 27518 | 151,000 | 2019 |
100 Parkway Office Court, Ste 208 | 100 Parkway Office Court, 27518 | 2,079 | 2015 |
7535 Carpenter Fire Station Road | 7535 Carpenter Fire Station Rd, 27519 | 5,788 | 2014 |
Crescent Lakeside II | 1255 Crescent Green Drive, 27518 | 146,000 | 2008 |
5000 Valleystone Drive | 5000 Valleystone Drive, 27519 | 28,002 | 2008 |
160 MacGregor Pines Drive #301 | 160 MacGregor Pines Drive, 27511 | 2,883 | 2008 |
Regency Creek I | 12040 Regency Pkwy, 27518 | 122,087 | 2007 |
1000 CentreGreen | 1000 Centregreen Way, 27513 | 98,000 | 2007 |
Worth noting among recent office completions on the Cary market is The Jordan, which is currently the largest new office development in the city, at 80,548 square feet.
See reports for other markets
- Charlotte Office Rent Price
- Raleigh Office Rent Price
- Durham Office Rent Price
- Morrisville Office Rent Price
- Chapel Hill Office Rent Price
- San Diego Office Rent Price
- San Antonio Office Rent Price
- Washington Office Rent Price
- Denver Office Rent Price
- New York City Office Rent Price
- Miami Office Rent Price
- Dallas Office Rent Price
- Phoenix Office Rent Price
- San Francisco Office Rent Price
- Austin Office Rent Price
- Seattle Office Rent Price
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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Cary 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.