Morrisville Office Market Trends

Office Rental Market

  • $23.36 2019 Avg. Asking Rent
  • 6.15 % 2019 Avg. Vacancy Rate
  • 498,149 2019 Office Completions (Sqft)
  • 646,085 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Morrisville was $23.36 per square foot, and the office vacancy rate across the market averaged 6.15 %. During 2019, developers added 498,149 square feet of new office space to the Morrisville market inventory. Office developments estimated for delivery during 2020 total 646,085 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Morrisville Class A Office Buildings$26.92
  • Morrisville Class B Office Buildings$20.64
  • Morrisville Class C Office Buildings$17.41
  • NC Class A Office Buildings$30.37
  • NC Class B Office Buildings$23.41
  • NC Class C Office Buildings$18.32

Morrisville, NC Office Asking Rents by Class

Office asking rents vary across the Morrisville office market depending on several factors, one of which is property class. While rents for Class A office buildings in Morrisville averaged $26.92 per square foot in 2019, Class B office properties garnered average rental rates of $20.64 per square foot. Rental rates for Class C office property in Morrisville averaged $17.41 per square foot. On a statewide level, Class B office space rents averaged $23.41 per square foot, while rents for Class A office space across North Carolina averaged $30.37 per square foot. On average, Class C office properties in North Carolina commanded rents of $18.32 per square foot.

OFFICE CONSTRUCTION IN Morrisville, NC

  • Morrisville, NC Total Sqft completed in 2019 498,149
  • Morrisville, NC Total Sqft under construction in 2020 646,085
10 Largest Office Buildings in Morrisville
Building name Address Total Sqft Year built
NetApp Research Triangle Park 7301 Kit Creek Road, 27560 627,566 2001
Research Triangle Park - Biogen Davis Campus 5000 Davis Drive, 27560 623,323 1996
5200 Paramount Pkwy 5200 Paramount Pkwy, 27560 312,240 2000
Nexus West 8001 Development Drive, 27560 262,100 1998
Perimeter Park - Perimeter Five 1030 Sync Street, 27560 258,250 2018
The Stitch 1001 Airport Blvd, 27560 248,000 2020
Perimeter Park - Perimeter Three 3015 Carrington Mill Blvd, 27560 245,352 2013
Nexus East 7001 Development Drive, 27560 245,310 1995
3900 Paramount Pkwy 3900 Paramount Pkwy, 27560 220,157 1998
Research Triangle Park - 7033 Louis Stephens Drive 7033 Louis Stephens Drive, 27560 211,203 2006
Largest Office Properties Recently Completed in Morrisville
Office building Address Sqft Completed
The Stitch 1001 Airport Blvd, 27560 248,000 2020
Duke Ambulatory Surgery Center Arringdon 5601 Arringdon Park Drive, 27560 200,000 2020
Research Triangle Park - 6933 Louis Stephens Drive - Building 2 6933 Louis Stephens Drive, 27560 205,000 2019
Perimeter Park - Perimeter Six 1010 Sync Street, 27560 195,687 2019
Perimeter Park - 3300 Paramount Drive Pkwy 3300 Paramount Pkwy, 27560 97,462 2019
Perimeter Park - Perimeter Five 1030 Sync Street, 27560 258,250 2018
Forty540 - Building 1 3030 Slater Road, 27560 198,481 2017
Perimeter Park - Perimeter Four 3025 Carrington Mill Blvd, 27560 192,225 2015
Perimeter Park - Perimeter Three 3015 Carrington Mill Blvd, 27560 245,352 2013
Perimeter Park - Perimeter Two 3020 Carrington Mill Blvd, 27560 206,409 2013
Data provided by Commercial Edge

Office Spaces for Rent in North Carolina

MORRISVILLE OFFICE SALES TRENDS

  • $249.082019 Avg. Price per Sqft
  • 74.74 %Y-o-Y Avg. PpSF Change
  • $383.7M2019 Office Sales Volume
  • 52019 Number of Transactions

In 2019, office sales in Morrisville averaged $249.08 per square foot. This marked a 74.74 % increase in office price per square foot, compared to the previous year. A total of 5 office sales closed on the Morrisville office market in 2019, amounting to a total sales volume of $383.7M.

Average Office Sale Price per Sqft

Morrisville, NC Sales Trends

  • Morrisville Price per Sqft$249.08
  • North Carolina Price per Sqft$259.83

Office Sales - Trend and Volume

  • Morrisville, NC Total Office Sales Volume in 2019 $383.7M
  • Morrisville, NC Total Number of Office Sales Closed in 2019 5

Largest Morrisville Office Sales in 2019

Property name Address Date Price
Forty540 - Building 1 3030 Slater Road 4/8/2019 $58,100,000
3900 Paramount Pkwy 3900 Paramount Pkwy 3/13/2019 $53,350,000
Research Triangle Park - Keystone Technology Park - Tech 8 629 Davis Drive 8/1/2019 $28,846,000
Research Triangle Park - Keystone Technology Park - Tech 7 627 Davis Drive 8/1/2019 $26,481,000
Research Triangle Park - Keystone Technology Park - Tech 10 635 Davis Drive 8/1/2019 $23,771,000
Data provided by Commercial Edge

The Morrisville office market contains an inventory of 12,012,090 square feet of office space, in 120 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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 CommercialEdge can guarantee that the information provided is complete.