Raleigh, NC Office Overview
The Raleigh Metropolitan Area includes the Lakeview, Ashebrook, and Country Club Hills submarkets. With a metropolitan population of nearly 1.3 million, its economy is driven largely by the high-tech, healthcare, research, and education sectors that all maintain strong demand for white-collar office space.
As of mid-2017, the market encompasses nearly 20 million square feet of existing office space in properties larger than 50,000 square feet. Raleigh is the capital of North Carolina, the state's second-largest city after Charlotte, and is one of the fastest-growing cities in the country.
Raleigh, NC Office Inventory Description
Raleigh is part of the Research Triangle Park, attracting a tremendous amount of research & development and venture capital. With an annual gross metropolitan product of nearly $69 billion, employment is consistently growing. Over 73% of the office space is Class A, while Class B accounts for another 25%.
Brentwood sees some of the strongest demand for office space in the metro area. Located along I-440 and northwest of SR- 401, it boasts investment-grade properties such as Smoketree Tower, Highwoods Tower Two and The Arbor at Highwoods - Magnolia.
Raleigh, NC Commercial Inventory Breakdown
Total: 33,324,325 SF
By square footage range:
- 50k to 100k SF: 8,176,109 SF / 24.53% of total office
- 100k to 500k SF: 21,086,339 SF / 63.28% of total office
- 500k to 1M SF: 1,106,777 SF / 3.32% of total office
- > 1M SF: 2,955,100 SF / 8.87% of total office
- Class A+: 336,834 SF / 1.01% of total office
- Class A: 16,755,229 SF / 50.28% of total office
- Class B: 8,033,410 SF / 24.11% of total office
- Class C: 1,366,474 SF / 4.1% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Downtown Raleigh Entertainment District - Offices||NEC South Sounders Street & Raleigh Beltline, 27603||1,600,000||n/a|
|Park City South||SWC Jamaica Drive & South Dawson Street, 27601||1,355,100||n/a|
|400 H||400 Hillsborough Street, 27603||555,777||n/a|
|Wells Fargo Capitol Center||150 Fayetteville Street, 27601||551,000||1990|
|One Progress Plaza||411 Fayetteville Street, 27601||454,561||1977|
|Raleigh Corporate Center||1100 Corporate Center Drive, 27607||450,000||1997|
|CAM/HQ Raleigh Project||SWC West Martin Street & South Harrington Street, 27603||440,000||n/a|
|BB&T/Two Hannover Square||434 Fayetteville Street, 27601||435,259||1991|
|Coastal Federal Credit Union Headquarters||1100 St. Albans Drive, 27609||400,000||n/a|
|One Two One||121 Fayetteville Street, 27601||385,242||n/a|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|FNB Tower||501 Fayetteville Street, 27601||325,869||2019|
|One Glenwood||1 Glenwood Avenue, 27603||227,500||2019|
|The Dillon||223 South West Street, 27603||227,000||2018|
|751 Corporate Center||751 Corporate Center Drive, 27607||90,000||2018|
|Legacy at Brier Creek||7751 Brier Creek Pkwy, 27617||116,500||2017|
|Center for Technology & Innovation||1010 Main Campus Drive, 27606||104,988||2017|
|Wade IV||5444 Wade Park Blvd, 27607||103,707||2017|
|3515 Glenwood Avenue||3515 Glenwood Avenue, 27612||74,634||2017|
|Biomedical Partnership Center at NCSU||1001 William Moore Drive, 27607||44,500||2017|
|3600 Wake Forest Road||3600 Wake Forest Road, 27609||98,780||2016|
Raleigh, NC Green Office Space
Green, energy-efficient office space in Raleigh is on the upswing, as an increasing number of both tenants and investors begin to realize its long-term economic advantages.
An excellent example is the Charter Square office property at 555 Fayetteville Street. Located in Downtown Raleigh. This 243,000-square-foot Class A property was built in 2015 and is LEED-Certified Platinum.
The 2017 National Green Building Adoption Index analyzed the top 30 office markets in the U.S. The survey found that the percentage of energy-efficient properties has climbed to 38%. While Raleigh does not yet rank among the top 30 U.S. office markets, the city is moving in that direction.
Raleigh, NC's Top Office-Using Sectors
Top business sectors in Raleigh include research & development, healthcare, government, along with corporate headquarters.
- Research & Development –Red Hat, along with the research institutions at Duke University, North Carolina State, and Wake Forest University are all located here.
- Healthcare – Duke Raleigh Hospital, Rex Hospital, and WakeMed.
- Government – As the capital of North Carolina, government, including the State of North Carolina, Wake County Public School System, Wake County, and the City of Raleigh is prominent.
- Corporate Headquarters – BB&T Insurance Services, Carquest, First Citizens BancShares, and Capitol Broadcasting Company.
- Total Population457,159
- Male Population(48.4 %) 221,234
- Female Population(51.6 %) 235,925
- Median Age33.20
- Average Household Income$90,550
- Median Household Income$63,891
- Median Income Under 25$34,445
- Median Income 25-44$67,308
- Median Income 45-64$73,327
- Median Income Over 65$52,374
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