Cary Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $27.31 2020 Avg. Asking Rent
  • -1.21% Y-o-Y Avg. Asking Rent Change
  • 12.10% 2020 Office Vacancy Rate
  • $26.1M2020 Total Office Sales
  • $178.77Avg. Sale Price/SF

Cary office price per square foot in 2020 was $27.31 on average. This marked a -1.21% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.10% across all asset classes combined. The 4 transactions that closed here throughout 2020 amounted to a total sale volume of $26.1M. Cary office space commanded an average sale price per square foot of $178.77.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Cary Class A Office Space$28.56
  • Cary Class B Office Space$24.15
  • North Carolina Class A Office Space$30.61
  • North Carolina Class B Office Space$24.61
  • North Carolina Class C Office Space$19.32

Cary, NC Office Asking Rents by Class

2020 Office Vacancy Rates in Cary

Submarket Asking Rents Vacancy Rates
North Cary $28.91 7.57%
South Cary $26.73 15.50%
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 Cary market was 12.10% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cary was 7.57% in the North Cary submarket, while the highest office vacancy in the market was 15.50%, recorded in South Cary.

Office Spaces for Rent in North Carolina

Cary Office Sale Price per SF

  • $178.772020 Avg. Price per SF
  • -2.04%Y-o-Y Avg. PpSF Change
  • $26.1M2020 Office Sales Volume
  • 42020 Number of Transactions

Cary, NC Sale Price per SF Trend

  • Cary Avg. Sale Price per SF in 2020$178.77
  • North Carolina Avg. Sale Price per SF in 2020$254.05
Cary office space cost in 2020 marked a -2.04% change compared to the previous year. The sale price for office space in Cary averaged $178.77 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $254.05 per square foot.

2020 Office Sales Volume

  • Cary, NC Total Office Sales Volume in 2020 $26.1M
  • Cary, NC Total Number of Office Sales Closed in 2020 4
A total of 4 deals closed on the Cary office market in 2020, adding up to a yearly sales volume of $26.1M. Notably, the largest transaction on the market saw 1400 Crescent Green Drive change hands for $11,000,000 on 12/30/2020.

Largest Cary Office Sales in 2020

Property name Address Date Price
1400 Crescent Green Drive 1400 Crescent Green Drive 12/30/2020 $11,000,000
Kilmayne Village Plaza 51 Kilmayne Drive 7/23/2020 $6,850,000
2205 Walnut Street 2205 Walnut Street 3/23/2020 $5,000,000
5001 Weston Pkwy 5001 Weston Pkwy 2/21/2020 $3,240,000
Data provided by Commercial Edge

2020 Office Construction in Cary, NC

  • Cary, NC Total SF completed in 2020 258,628
  • Cary, NC Total SF under construction in 2021 324,018

During 2020, 258,628 square feet of new office space were delivered across the market. At the close of 2020, the Cary office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 258,628 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 324,018 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Cary
Office building Address SF Completed
The Offices at Fenton - Building 10 A & 10 B 3101 Fenton Main Street, 27511 161,445 2022
The Offices at Fenton - Building 6 & 12 3110 Fenton Main Street, 27511 114,495 2022
1700 Kildaire Farm Road 1700 Kildaire Road, 27511 45,000 2022
Twenty Three 33 2333 Walnut Street, 27518 133,628 2020
Medical Park of Cary 210 Ashville Avenue, 27518 125,000 2020
MetLife Global Technology Campus - Building 3 301 Metlife Way, 27513 219,000 2019
Regency Woods II 175 Regency Woods Place, 27518 151,000 2019
UNC Health Care Panther Creek Campus - 6715 McCrimmon Pkwy 6715 McCrimmon Pkwy, 27519 100,000 2019
5000 CentreGreen 5000 Centregreen Way, 27513 170,372 2017
West Cary Park Medical Office Building 7560 Carpenter Fire Station Road, 27519 41,082 2017

Worth noting among recent office completions on the Cary market is The Offices at Fenton - Building 10 A & 10 B, which is currently the largest new office development in the city, at 161,445 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.