Morrisville Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $29.40 2024 Avg. Asking Rent
  • -2.52% Y-o-Y Avg. Asking Rent Change
  • 29.53% 2024 Office Vacancy Rate

Morrisville office price per square foot in 2024 was $29.40 on average. This marked a -2.52% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 29.53% 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

  • Morrisville Class A & A+ Office Space$31.70
  • Morrisville Class B Office Space$27.68
  • Morrisville Class C Office Space$22.63
  • 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

Morrisville, NC Office Asking Rents by Class

Average office rent in Morrisville rested at $29.40 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 Morrisville averaged $31.70 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.68 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.63 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 Morrisville

Submarket Asking Rents Vacancy Rates
Morrisville $34.38 31.36%
Research Triangle Park $33.94 27.17%
Southeast Durham $30.59 25.10%
Airport - Northwest Raleigh $26.57 16.98%
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 Morrisville market was 29.53% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Morrisville was 16.98% in the Airport - Northwest Raleigh submarket, while the highest office vacancy in the market was 31.36%, recorded in Morrisville.

Office Spaces for Rent in North Carolina

Coworking Spaces in North Carolina

2024 Office Construction in Morrisville, NC

  • Morrisville, NC Total SF completed in 2024 405,928
  • Morrisville, NC Total SF under construction in 2025 140,000

During 2024, 405,928 square feet of new office space were delivered across the market. At the close of 2024, the Morrisville office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 405,928 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 140,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Morrisville
Office building Address SF Completed
Forty540 - Building 2 710 Slater Road, 27560 198,535 2021
Perimeter Park - 4000 Paramount 4000 Paramount Pkwy, 27560 90,000 2021
Perimeter Park - Perimeter Six 1010 Sync Street, 27560 195,687 2019
Perimeter Park: 3300 Paramount 3300 Paramount Pkwy, 27560 97,893 2018
Perimeter Park: Perimeter Two 3020 Carrington Mill Blvd, 27560 209,657 2014
Perimeter Park - 5221 Paramount Pkwy 5221 Paramount Pkwy, 27560 140,192 2008
RDU Center III 2121 RDU Center Drive, 27560 114,518 2008
Perimeter Park: 2250 Perimeter 2250 Perimeter Park Dr, 27560 107,173 2008
Perimeter Park: Perimeter One 3005 Carrington Mill Blvd, 27560 204,000 2007
Research Triangle Park - 7033 Louis Stephens Drive 7033 Louis Stephens Drive, 27560 211,203 2006

Worth noting among recent office completions on the Morrisville market is Forty540 - Building 2, which is currently the largest new office development in the city, at 198,535 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 Morrisville 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.