Durham Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $33.54 2024 Avg. Asking Rent
  • 25.66% 2024 Office Vacancy Rate
  • $32.7M2024 Total Office Sales
  • $137.13Avg. Sale Price/SF

Durham office price per square foot in 2024 was $33.54 on average. The local office market recorded an average vacancy rate of 25.66% across all asset classes combined. The 4 transactions that closed here throughout 2024 amounted to a total sale volume of $32.7M. Durham office space commanded an average sale price per square foot of $137.13.

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

  • Durham Class A & A+ Office Space$35.53
  • Durham Class B Office Space$29.76
  • Durham Class C Office Space$27.13
  • 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

Durham, NC Office Asking Rents by Class

Average office rent in Durham rested at $33.54 per square foot in 2024. 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 Durham averaged $35.53 per square foot. Across all submarkets, class B office space recorded an average asking rent of $29.76 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $27.13 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2024 were: $34.49 per square foot for class A office space; $26.63 per square foot for class B office space; $19.48 per square foot for class C office space.

2024 Office Vacancy Rates in Durham

Submarket Asking Rents Vacancy Rates
Downtown Durham $38.00 20.04%
Research Triangle Park $33.94 27.17%
Southeast Durham $30.59 25.10%
South Durham $27.35 23.53%
Outlying Durham County $19.46 37.60%
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 Durham market was 25.66% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Durham was 20.04% in the Downtown Durham submarket, while the highest office vacancy in the market was 37.60%, recorded in Outlying Durham County.

Office Spaces for Rent in North Carolina

Durham Office Sale Price per SF

  • $137.132024 Avg. Price per SF
  • -41.19%Y-o-Y Avg. PpSF Change
  • $32.7M2024 Office Sales Volume
  • 42024 Number of Transactions

Durham, NC Sale Price per SF Trend

  • Durham Avg. Sale Price per SF in 2024$137.13
  • North Carolina Avg. Sale Price per SF in 2024$182.30
Durham office space cost in 2024 marked a -41.19% change compared to the previous year. The sale price for office space in Durham averaged $137.13 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $182.30 per square foot.

2024 Office Sales Volume

  • Durham, NC Total Office Sales Volume in 2024 $32.7M
  • Durham, NC Total Number of Office Sales Closed in 2024 4
A total of 4 deals closed on the Durham office market in 2024, adding up to a yearly sales volume of $32.7M. Notably, the largest transaction on the market saw Duke Medical Plaza change hands for $15,161,000 on 7/1/2024.
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2024 Office Construction in Durham, NC

  • Durham, NC Total SF completed in 2024 119,065

During 2024, 119,065 square feet of new office space were delivered across the market. At the close of 2024, the Durham office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 119,065 square feet of office space.

Largest Office Properties Recently Completed in Durham
Office building Address SF Completed
Horseshoe at Hub RTP 3151 Elion Drive, 27709 149,023 2024
The Roxboro at Venable Center 380 East Pettigrew Street, 27701 210,410 2022
555 Mangum 555 South Mangum Street, 27701 242,063 2020
Durham ID - 300 Morris Street 300 Morris Street, 27701 176,492 2018
Durham ID - 200 Morris Street 200 Morris Street, 27701 163,353 2018
One City Center Office 110 Corcoran Street, 27701 152,000 2018
Meridian Corporate Center - 2645 Meridian Pkwy 2645 Meridian Pkwy, 27713 76,446 2017
Diamond View III 359 Blackwell Street, 27701 133,000 2013
WestPoint I at 751 7806 State Highway 751, 27713 27,044 2012
Measurement Building 404 Hunt Street, 27701 73,713 2011

Worth noting among recent office completions on the Durham market is Horseshoe at Hub RTP, which is currently the largest new office development in the city, at 149,023 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 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 CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Durham 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.