Durham, NC Office Overview
The history of Durham dates back to the mid-1800s, before the U.S. Civil War. Today, the city is home to a population of more than 550,000 residents, and the region has grown to be among the most diverse and successful regional economies in the country. With a gross metropolitan product of over $40 billion annually, and a cost of living that is estimated at 2% below the national average, Durham is poised to see continued economic growth.
Durham is home to numerous research and development enterprises that operate in various innovative industries, and are significant drivers of demand for office space on the market. The highly educated talent resources of the North Carolina Research Triangle continue to be a boon for Durham, as well as the neighboring cities in the region.
Durham, NC Office Inventory Description
As of mid-2017, the Durham office market encompassed over 12 million square feet of office space, in properties larger than 50,000 square feet. The city’s key location in the research park triangle is a major factor in attracting investment to both the local enterprises and the commercial real estate market.
More than 50% of the office space in Durham is Class A, while Class B property accounts for 45% of the local inventory. The densest office submarket in Durham is the Research Triangle Park, which is home to some of the most prestigious research laboratories in the country. Located along the I-40 between I-540 and Route 147, this submarket offers excellent thoroughfare access in addition to investment-grade office properties of all sizes. Notable buildings and research parks located here include the RTI International Campus, the Frontier Park just off Interstate 40, the Keystone Technology Park, the Imperial Center, and the Research Commons.
Durham, NC Commercial Inventory Breakdown
Office Spaces
Total: 23,249,682 SF
By square footage range:
- 50k to 100k SF: 5,304,873 SF / 22.82% of total office
- 100k to 500k SF: 13,562,962 SF / 58.34% of total office
- 500k to 1M SF: 1,198,809 SF / 5.16% of total office
- > 1M SF: 3,183,038 SF / 13.69% of total office
By class:
- Class A: 11,104,392 SF / 47.76% of total office
- Class B: 9,185,419 SF / 39.51% of total office
- Class C: 593,914 SF / 2.55% of total office
Top 10 Largest Office Buildings
in Durham
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| American Tobacco Campus | 318 Blackwell Street, 27701 | 1,138,960 | 1997 |
| Research Triangle Park - North Campus | 5 Moore Drive, 27703 | 1,044,078 | 1989 |
| Hub RTP | NWC State Route 54 & Davis Drive, 27709 | 1,000,000 | n/a |
| Network Center | 100 New Millennium Way, 27709 | 676,000 | 1986 |
| Research Triangle Park - South Campus | 5 Moore Drive, 27703 | 522,809 | 1987 |
| One City Center | 110 Corcoran Street, 27701 | 424,000 | 2018 |
| Research Triangle Park - IBM Buildings 500-503 | 4205 South Miami Blvd, 27703 | 363,306 | 1984 |
| Research Triangle Park - Ellis Research Center | 2400 Ellis Road, 27703 | 331,898 | 1992 |
| Hock Plaza I | 2424 Erwin Road, 27705 | 327,160 | 2004 |
| 601 Willard Street | 601 Willard Street, 27701 | 313,000 | n/a |
Most Recently-Built Office Buildings
in Durham
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Rho Headquarters | 2635 East NC 54 Hwy, 27711 | 159,000 | 2019 |
| Alexandria Center for AgTech | 5 Laboratory Drive, 27707 | 135,000 | 2019 |
| One City Center | 110 Corcoran Street, 27701 | 424,000 | 2018 |
| RTI International Campus - Horizon Building | 3040 East Cornwallis Road, 27709 | 190,000 | 2018 |
| Golden Belt Campus - Mill No.1 | 800 Taylor Street, 27701 | 185,389 | 2018 |
| 300 Morris Street | 300 Morris Street, 27701 | 176,492 | 2018 |
| 200 Morris Street | 200 Morris Street, 27701 | 163,353 | 2018 |
| The Imperial Center - Churchill Hall | 5425 Page Road, 27703 | 151,579 | 2018 |
| Herald-Sun Building | 2828 Pickett Road, 27705 | 140,000 | 2018 |
| Duke Health Center South Durham | 234 Crooked Creek Pkwy, 27713 | 130,390 | 2018 |
Durham, NC Green Office Space
Given the role that research and development plays in the local economy, it's no surprise that the demand for energy-efficient, green office space continues to grow. The 2017 National Green Building Adoption Index surveyed the top 30 largest office markets in the U.S., looking at the progressive adoption of green building practices. The percentage of energy-efficient green office space buildings increased from less than 5% in 2005, to nearly 40% by mid-2017.
Although Durham was not included in the 30 office markets surveyed, the city’s commitment to developing green office space is strong, with new eco-conscious administrative initiatives requiring all new developments to meet high environmental standards, regardless of property use.
Durham, NC's Top Office-Using Sectors
Demand on the Durham office market is largely driven by top office-using enterprises operating in industries like research and development, healthcare, and education.
- Research and Development – GlaxoSmithKline, Quintiles, RTI International, Cree, Syngenta Biotechnology, and AW North Carolina are a few of the research and development companies operating in Durham and ranking among the largest local office-using employers;
- Healthcare – Duke University Health System, Blue Cross and Blue Shield of North Carolina, and the Durham VA Medical Center also contribute to maintain a consistent demand for office space in the Durham metro area;
- Education – Duke University and North Carolina Central University continue to produce a highly skilled labor pool and help supply the demand for white collar employees in the region;
- Corporate Office – Fidelity Investments is one of the largest white-collar employers in Durham, along with IBM, BASF, and Cisco Systems.
FREQUENTLY ASKED QUESTIONS
How much does office space cost in Durham, NC?
The average office rental rate in Durham, NC is $24.33 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways.
What is the size of available office spaces in Durham, NC?
The Durham, NC office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 74,034 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Durham, NC is 192 square feet, while the maximum rentable space on the market now is 147,876 square feet.
How do I get office space in Durham, NC?
Start your search for office space in Durham, NC by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Durham, NC?
There are 212 office listings on the Durham, NC market.
Durham Demographics
Population
- Total Population264,310
- Male Population(47.0 %) 124,302
- Female Population(53.0 %) 140,008
- Median Age33.80
Income/Financial
- Average Household Income$79,045
- Median Household Income$55,851
- Median Income Under 25$29,758
- Median Income 25-44$56,538
- Median Income 45-64$70,269
- Median Income Over 65$49,515
News
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