Cary Office Rent Price & Sales Report

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%
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 17.57% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cary was 16.96% in the North Cary submarket, while the highest office vacancy in the market was 18.22%, recorded in South Cary.

Office Spaces for Rent in North Carolina

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
Cary office space cost in 2021 marked a +37.37% change compared to the previous year. The sale price for office space in Cary averaged $245.58 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $292.62 per square foot.

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
A total of 10 deals closed on the Cary office market in 2021, adding up to a yearly sales volume of $167.4M. Notably, the largest transaction on the market saw Regency Woods II change hands for $53,925,000 on 12/9/2021.

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
Data provided by Commercial Edge

Coworking Spaces in North Carolina

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.

Largest Office Properties Recently Completed in Cary
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.

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 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.