Morrisville Office Rent Price & Sales Report

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

  • $207.162020 Avg. Price per SF
  • -16.83%Y-o-Y Avg. PpSF Change
  • $636.3M2020 Office Sales Volume
  • 52020 Number of Transactions

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
Morrisville office space cost in 2020 marked a -16.83% change compared to the previous year. The sale price for office space in Morrisville averaged $207.16 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $254.05 per square foot.

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
A total of 5 deals closed on the Morrisville office market in 2020, adding up to a yearly sales volume of $636.3M. Notably, the largest transaction on the market saw Lenovo USA - Building 1 change hands for $72,500,000 on 9/4/2020.

Largest Morrisville Office Sales in 2020

Property name Address Date Price
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
Data provided by Commercial Edge

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.

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
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.

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 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.