2022 Office Space Rent & Sales
- $28.23 2022 Avg. Asking Rent
- 1.85% Y-o-Y Avg. Asking Rent Change
- 14.69% 2022 Office Vacancy Rate
- $89.9M2022 Total Office Sales
- $219.84Avg. Sale Price/SF
Cary office price per square foot in 2022 was $28.23 on average. This marked a +1.85% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.69% across all asset classes combined. The 6 transactions that closed here throughout 2022 amounted to a total sale volume of $89.9M. Cary office space commanded an average sale price per square foot of $219.84.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Cary Class A & A+ Office Space$28.99
- Cary Class B Office Space$26.00
- North Carolina Class A & A+ Office Space$31.09
- North Carolina Class B Office Space$25.04
- North Carolina Class C Office Space$22.78
Cary, NC Office Asking Rents by Class
2022 Office Vacancy Rates in Cary
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
South Raleigh | $30.34 | 27.22% |
Morrisville | $28.83 | 18.47% |
North Cary | $28.58 | 12.03% |
South Cary | $27.69 | 16.50% |
Apex - South Wake County | $26.00 | 17.60% |
Cary Office Sale Price per SF
- $219.842022 Avg. Price per SF
- -10.48%Y-o-Y Avg. PpSF Change
- $89.9M2022 Office Sales Volume
- 62022 Number of Transactions
Cary, NC Sale Price per SF Trend
- Cary Avg. Sale Price per SF in 2022$219.84
- North Carolina Avg. Sale Price per SF in 2022$269.64
2022 Office Sales Volume
- Cary, NC Total Office Sales Volume in 2022 $89.9M
- Cary, NC Total Number of Office Sales Closed in 2022 6
Largest Cary Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
500 Gregson Drive | 500 Gregson Drive | 4/18/2022 | $19,300,000 |
Regency Park - 3300, 3333 & 3700 Regency Pkwy | 3300 Regency Pkwy | 11/14/2022 | $18,310,500 |
305 Gregson Drive | 305 Gregson Drive | 5/11/2022 | $17,980,000 |
Medical & Professional Center, The | 101 SW Cary Pkwy | 9/26/2022 | $14,250,000 |
1400 Crescent Green Drive | 1400 Crescent Green Drive | 6/2/2022 | $14,000,000 |
Coworking Spaces in North Carolina
- Atlanta Coworking Space
- Miami Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
- Philadelphia Coworking Space
- Columbus Coworking Space
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- Tampa Coworking Space
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- Boca Raton Coworking Space
- Fort Lauderdale Coworking Space
- Alexandria Coworking Space
- Memphis Coworking Space
- Durham Coworking Space
- Alpharetta Coworking Space
- Asheville Coworking Space
- Chattanooga Coworking Space
- Richmond Coworking Space
2022 Office Construction in Cary, NC
- Cary, NC Total SF completed in 2022 278,476
- Cary, NC Total SF under construction in 2023 40,746
During 2022, 278,476 square feet of new office space were delivered across the market. At the close of 2022, the Cary office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 278,476 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 40,746 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 |
HealthPark at Kildaire I | 115 Kildaire Park Dr., 27518 | 87,000 | 2019 |
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 |
155 Parkway Office Court | 155 Parkway Office Court, 27518 | 2,072 | 2008 |
Regency Creek I | 12040 Regency Pkwy, 27518 | 122,087 | 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
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- Raleigh Office Rent Price
- Durham Office Rent Price
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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.