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
Office Spaces
Total: 32,149,477 SF
By square footage range:
- 50k to 100k SF: 8,226,109 SF / 25.59% of total office
- 100k to 500k SF: 19,861,491 SF / 61.78% of total office
- 500k to 1M SF: 1,106,777 SF / 3.44% of total office
- > 1M SF: 2,955,100 SF / 9.19% of total office
By class:
- Class A+: 336,834 SF / 1.05% of total office
- Class A: 16,754,804 SF / 52.12% of total office
- Class B: 8,033,410 SF / 24.99% of total office
- Class C: 1,555,777 SF / 4.84% of total office
Top 10 Largest Office Buildings
in Raleigh
| 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 |
| 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 |
| One City Plaza | 421 Fayetteville Street, 27601 | 373,641 | 1985 |
Most Recently-Built Office Buildings
in Raleigh
| 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 |
| Midtown Plaza | 305 Church at North Hills Street, 27609 | 329,214 | 2017 |
| 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 |
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.
Raleigh Demographics
Population
- Total Population449,477
- Male Population(48.3 %) 217,048
- Female Population(51.7 %) 232,429
- Median Age33.10
Income/Financial
- Average Household Income$86,374
- Median Household Income$61,505
- Median Income Under 25$30,548
- Median Income 25-44$63,903
- Median Income 45-64$71,375
- Median Income Over 65$49,396
News
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