2022 Office Space Rent & Sales
- $29.20 2022 Avg. Asking Rent
- -0.09% Y-o-Y Avg. Asking Rent Change
- 17.51% 2022 Office Vacancy Rate
- $513.1M2022 Total Office Sales
- $384.00Avg. Sale Price/SF
Raleigh office price per square foot in 2022 was $29.20 on average. This marked a -0.09% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.51% across all asset classes combined. The 14 transactions that closed here throughout 2022 amounted to a total sale volume of $513.1M. Raleigh office space commanded an average sale price per square foot of $384.00.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Raleigh Class A & A+ Office Space$31.69
- Raleigh Class B Office Space$26.91
- Raleigh Class C Office Space$25.52
- North Carolina Class A & A+ Office Space$31.09
- North Carolina Class B Office Space$25.04
- North Carolina Class C Office Space$22.78
Raleigh, NC Office Asking Rents by Class
Average office rent in Raleigh rested at $29.20 per square foot in 2022. 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 Raleigh averaged $31.69 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.91 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $25.52 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2022 were: $31.09 per square foot for class A office space; $25.04 per square foot for class B office space; $22.78 per square foot for class C office space.
2022 Office Vacancy Rates in Raleigh
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Raleigh CBD | $32.21 | 17.67% |
West Raleigh | $30.60 | 21.08% |
South Raleigh | $30.34 | 27.22% |
Raleigh - Six Forks Road | $28.95 | 5.47% |
Raleigh - Glenwood Ave | $28.63 | 15.14% |
Raleigh - Falls of Neuse | $26.01 | 23.21% |
Airport - Northwest Raleigh | $25.32 | 13.04% |
North Wake County | $24.20 | 10.09% |
Raleigh - Capital Blvd | $23.00 | 31.34% |
Raleigh Office Sale Price per SF
- $384.002022 Avg. Price per SF
- $513.1M2022 Office Sales Volume
- 142022 Number of Transactions
Raleigh, NC Sale Price per SF Trend
- Raleigh Avg. Sale Price per SF in 2022$384.00
- North Carolina Avg. Sale Price per SF in 2022$269.64
2022 Office Sales Volume
- Raleigh, NC Total Office Sales Volume in 2022 $513.1M
- Raleigh, NC Total Number of Office Sales Closed in 2022 14
Largest Raleigh Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
One Glenwood @ Bloc[83] | 1 Glenwood Avenue | 1/3/2022 | $158,000,000 |
Brier Creek Corporate Center III | 8041 Arco Corporate Drive | 1/4/2022 | $39,000,000 |
8300 Health Park | 8300 Health Park | 6/24/2022 | $35,000,000 |
Lake Plaza East | 900 Ridgefield Drive | 11/22/2022 | $16,711,000 |
Trinity Corporate Park - 1500 Sunday Drive | 1500 Sunday Drive | 7/20/2022 | $14,600,000 |
Coworking Spaces in North Carolina
- Atlanta Coworking Space
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- Alpharetta Coworking Space
2022 Office Construction in Raleigh, NC
- Raleigh, NC Total SF completed in 2022 567,852
- Raleigh, NC Total SF under construction in 2023 1,564,494
During 2022, 567,852 square feet of new office space were delivered across the market. At the close of 2022, the Raleigh office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 567,852 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 1,564,494 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
1000 Social | 1010 Saint Albans Drive, 27609 | 333,101 | 2024 |
Tower V at North Hills East | 541 Church at North Hills Street, 27609 | 326,888 | 2024 |
One North Hills Tower | 4000 Center At North Hills Street, 27609 | 266,000 | 2024 |
4114 Creative Offices | 4100 Center At North Hills Street, 27609 | 100,800 | 2024 |
10601 World Trade Blvd | 10601 World Trade Blvd, 27617 | 35,100 | 2024 |
GlenLake Three | 4300 Edwards Mill Road, 27612 | 205,000 | 2023 |
INQ @ 4300 | 4300 Fayetteville Road, 27603 | 180,072 | 2023 |
400H | 400 Hillsborough Street, 27603 | 161,345 | 2023 |
Raleigh Ironworks - Bow Truss | 2201 Iron Works Drive, 27604 | 82,886 | 2023 |
Raleigh Crossing | 301 Hillsborough Street, 27603 | 292,457 | 2022 |
Worth noting among recent office completions on the Raleigh market is 1000 Social, which is currently the largest new office development in the city, at 333,101 square feet.
See reports for other markets
- Charlotte Office Rent Price
- Durham Office Rent Price
- Cary Office Rent Price
- Morrisville Office Rent Price
- Atlanta Office Rent Price
- Dallas Office Rent Price
- Washington Office Rent Price
- Phoenix Office Rent Price
- Chicago Office Rent Price
- Austin Office Rent Price
- New York City Office Rent Price
- San Francisco Office Rent Price
- San Antonio Office Rent Price
- San Diego Office Rent Price
- Seattle Office Rent Price
- Miami Office Rent Price
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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Raleigh 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.