Durham Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $26.97 2021 Avg. Asking Rent
  • 4.70% Y-o-Y Avg. Asking Rent Change
  • 14.24% 2021 Office Vacancy Rate
  • $392.1M2021 Total Office Sales
  • $260.45Avg. Sale Price/SF

Durham office price per square foot in 2021 was $26.97 on average. This marked a +4.70% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.24% across all asset classes combined. The 16 transactions that closed here throughout 2021 amounted to a total sale volume of $392.1M. Durham office space commanded an average sale price per square foot of $260.45.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Durham Class A & A+ Office Space$30.92
  • Durham Class B Office Space$24.53
  • Durham Class C Office Space$21.44
  • 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

Durham, NC Office Asking Rents by Class

Average office rent in Durham rested at $26.97 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 Durham averaged $30.92 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.53 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.44 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 Durham

Submarket Asking Rents Vacancy Rates
Downtown Durham $30.73 10.03%
Research Triangle Park $28.53 22.35%
Southeast Durham $26.38 9.21%
South Durham $23.72 10.82%
Outlying Durham County $20.03 9.25%
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 14.24% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Durham was 9.21% in the Southeast Durham submarket, while the highest office vacancy in the market was 22.35%, recorded in Research Triangle Park.

Office Spaces for Rent in North Carolina

Durham Office Sale Price per SF

  • $260.452021 Avg. Price per SF
  • 11.55%Y-o-Y Avg. PpSF Change
  • $392.1M2021 Office Sales Volume
  • 162021 Number of Transactions

Durham, NC Sale Price per SF Trend

  • Durham Avg. Sale Price per SF in 2021$260.45
  • North Carolina Avg. Sale Price per SF in 2021$292.62
Durham office space cost in 2021 marked a +11.55% change compared to the previous year. The sale price for office space in Durham averaged $260.45 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

  • Durham, NC Total Office Sales Volume in 2021 $392.1M
  • Durham, NC Total Number of Office Sales Closed in 2021 16
A total of 16 deals closed on the Durham office market in 2021, adding up to a yearly sales volume of $392.1M. Notably, the largest transaction on the market saw Research Commons change hands for $138,000,000 on 11/4/2021.

Largest Durham Office Sales in 2021

Property name Address Date Price
Research Commons 79 TW Alexander Drive 11/4/2021 $138,000,000
Patterson Place - 5324 McFarland Drive 5324 McFarland Drive 12/29/2021 $37,125,000
Innovation I at Imperial Center 831 Slater Road 5/6/2021 $36,793,000
Imperial Center - Carlisle Place 4721 Emperor Blvd 11/18/2021 $32,054,520
Imperial Center - Stratford Hall 1009 Slater Road 11/18/2021 $21,610,480
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2021 Office Construction in Durham, NC

  • Durham, NC Total SF completed in 2021 552,269
  • Durham, NC Total SF under construction in 2022 907,365

During 2021, 552,269 square feet of new office space were delivered across the market. At the close of 2021, the Durham office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 552,269 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 907,365 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Durham
Office building Address SF Completed
204 South Gregson Street 204 South Gregson Street, 27701 218,000 2023
Horseshoe at Hub RTP NWC State Route 54 & Davis Drive, 27709 125,000 2023
The Roxboro at Venable Center 464 East Pettigrew Street, 27701 210,410 2022
Park Point - Edge West 4001 North Carolina 54, 27560 149,000 2021
4804 Page Creek Ln 4804 Page Creek Ln, 27703 12,452 2021
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
Herald-Sun Building 2828 Pickett Road, 27705 140,000 2018
One City Center 110 Corcoran Street, 27701 130,195 2018

Worth noting among recent office completions on the Durham market is 204 South Gregson Street, which is currently the largest new office development in the city, at 218,000 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 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.