2020 Office Space Rent & Sales
- $23.60 2020 Avg. Asking Rent
- 1.05% Y-o-Y Avg. Asking Rent Change
- 10.81% 2020 Office Vacancy Rate
- $636.3M2020 Total Office Sales
- $207.16Avg. Sale Price/SF
Morrisville office price per square foot in 2020 was $23.60 on average. This marked a +1.05% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 10.81% across all asset classes combined. The 5 transactions that closed here throughout 2020 amounted to a total sale volume of $636.3M. Morrisville office space commanded an average sale price per square foot of $207.16.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Morrisville Class A Office Space$27.43
- Morrisville Class B Office Space$21.48
- Morrisville Class C Office Space$15.79
- North Carolina Class A Office Space$30.61
- North Carolina Class B Office Space$24.61
- North Carolina Class C Office Space$19.32
Morrisville, NC Office Asking Rents by Class
Average office rent in Morrisville rested at $23.60 per square foot in 2020. 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 $27.43 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.48 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.79 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2020 were: $30.61 per square foot for class A office space; $24.61 per square foot for class B office space; $19.32 per square foot for class C office space.
Morrisville Office Sale Price per SF
Morrisville, NC Sale Price per SF Trend
- Morrisville Avg. Sale Price per SF in 2020$207.16
- North Carolina Avg. Sale Price per SF in 2020$254.05
2020 Office Sales Volume
- Morrisville, NC Total Office Sales Volume in 2020 $636.3M
- Morrisville, NC Total Number of Office Sales Closed in 2020 5
Largest Morrisville Office Sales in 2020
|Lenovo USA - Building 1||1009 Think Place||9/4/2020||$72,500,000|
|Lenovo USA - Building 2||1025 Think Place||9/4/2020||$64,600,000|
|Perimeter Park - 5221 Paramount Pkwy||5221 Paramount Pkwy||9/4/2020||$51,500,000|
|Perimeter Park - 3300 Paramount Drive Pkwy||3300 Paramount Pkwy||11/18/2020||$28,261,500|
|Perimeter Park - 3800 Paramount Pkwy||3800 Paramount Pkwy||11/18/2020||$26,781,500|
2020 Office Construction in Morrisville, NC
- Morrisville, NC Total SF completed in 2020 200,000
- Morrisville, NC Total SF under construction in 2021 678,837
During 2020, 200,000 square feet of new office space were delivered across the market. At the close of 2020, the Morrisville office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 200,000 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 678,837 square feet of office space to the market, before year-end.
|Forty540 - Building 2||710 Slater Road, 27560||198,535||2021|
|Perimeter Park - 4000 Paramount||4000 Paramount Pkwy, 27560||90,000||2021|
|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 Four||3025 Carrington Mill Blvd, 27560||192,225||2015|
|Perimeter Three||3015 Carrington Mill Blvd, 27560||245,352||2014|
|Perimeter Park - Perimeter Two||3020 Carrington Mill Blvd, 27560||206,409||2013|
|RDU Center III||2121 RDU Center Drive, 27560||114,518||2009|
|2250 Perimeter Park Drive||2250 Perimeter Park Drive, 27560||107,275||2008|
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.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, 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 CommercialEdge can guarantee that the information provided is complete.