Chapel Hill Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $36.75 2024 Avg. Asking Rent
  • 18.98% 2024 Office Vacancy Rate

Chapel Hill office price per square foot in 2024 was $36.75 on average. The local office market recorded an average vacancy rate of 18.98% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • North Carolina Class A & A+ Office Space$34.49
  • North Carolina Class B Office Space$26.63
  • North Carolina Class C Office Space$19.48

Chapel Hill, NC Office Asking Rents by Class

2024 Office Vacancy Rates in Chapel Hill

Submarket Asking Rents Vacancy Rates
Chapel Hill $37.12 18.57%
South Durham $27.35 23.53%
Data provided by Yardi Research
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 Chapel Hill market was 18.98% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Chapel Hill was 18.57% in the Chapel Hill submarket, while the highest office vacancy in the market was 23.53%, recorded in South Durham.

Office Spaces for Rent in North Carolina

Coworking Spaces in North Carolina

2024 Office Construction in Chapel Hill, NC

Largest Office Properties Recently Completed in Chapel Hill
Office building Address SF Completed
Polks Village Center 149 Knox Way, 27516 9,000 2026
The Gwendolyn 101 Glen Lennox Drive, 27517 109,000 2021
The Station at East 54 1011 South Hamilton Road, 27517 47,856 2018
Carolina Square 123 West Franklin Street, 27516 208,000 2017
East 54 Environ Way, 27517 113,000 2009
Palladian Corporate Center - 240 Leigh Farm Road 240 Leigh Farm Road, 27707 100,546 2007
Palladian Corporate Center - 220 Leigh Farm Road 220 Leigh Farm Road, 27707 100,462 2005
Valley View Business Center 1229 East Franklin St, 27514 5,200 2005
Eastridge Office Center 201 Sage Road, 27514 45,000 2003
The Exchange West 1414 Raleigh Road, 27517 133,820 2001

Worth noting among recent office completions on the Chapel Hill market is Polks Village Center, which is currently the largest new office development in the city, at 9,000 square feet.

Data provided by Yardi Research

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Chapel Hill 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 Yardi Research Data can guarantee that the information provided is complete.