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: 37,108,981 SF
By square footage range:
- 50k to 100k SF: 8,349,456 SF / 22.5% of total office
- 100k to 500k SF: 22,292,648 SF / 60.07% of total office
- 500k to 1M SF: 1,106,777 SF / 2.98% of total office
- > 1M SF: 5,360,100 SF / 14.44% of total office
By class:
- Class A+: 336,834 SF / 0.91% of total office
- Class A: 16,854,320 SF / 45.42% of total office
- Class B: 8,104,334 SF / 21.84% of total office
- Class C: 1,366,474 SF / 3.68% of total office
Top 10 Largest Office Buildings
in Raleigh
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 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 |
| One City Plaza | 421 Fayetteville Street, 27601 | 373,641 | 1985 |
| Red Hat Tower | 100 East Davie Street, 27601 | 365,247 | 2004 |
| Advance Auto Parts Tower | 4000 Front at North Hills Street, 27609 | 336,834 | 2020 |
| Midtown Plaza | 305 Church at North Hills Street, 27609 | 329,214 | 2017 |
| Midtown Plaza | 305 Church at North Hills Street, 27609 | 329,213 | 2017 |
| FNB Tower | 501 Fayetteville Street, 27601 | 325,869 | 2019 |
Largest Office Properties Recently Completed
in Raleigh
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Raleigh Crossing | 301 Hillsborough Street, 27603 | 292,543 | 2021 |
| Tower Two @ Bloc[83] | 621 Hillsborough Street, 27603 | 271,320 | 2021 |
| Smokey Hollow Office Building | 421 North West Street, 27603 | 245,218 | 2021 |
| Palisades III | 5401 Trinity Road, 27607 | 167,307 | 2021 |
| East End Market | 2020 Progress Court, 27608 | 71,900 | 2021 |
| Leith Administration Building | 8801 Durant Road, 27616 | 51,517 | 2021 |
| WakeMed's Cameron Village Medical Office Building | 505 Oberlin Road, 27605 | 41,317 | 2021 |
| Advance Auto Parts Tower | 4000 Front at North Hills Street, 27609 | 336,834 | 2020 |
| Wade V | 5438 Wade Park Blvd, 27607 | 209,145 | 2020 |
| Crabtree Terrace | 4509 Creedmoor Road, 27612 | 173,468 | 2020 |
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.
Frequently Asked Questions
How much does office space cost in Raleigh, NC?
The average office rental rate in Raleigh, NC is $25.62 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. Check Raleigh Office Market Trends for more stats.
What is the size of available office spaces in Raleigh, NC?
The Raleigh, NC office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 192,687 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Raleigh, NC is 132 square feet, while the maximum rentable space on the market now is 385,242 square feet.
How do I get office space in Raleigh, NC?
Start your search for office space in Raleigh, 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 Raleigh, NC?
There are 458 office listings on the Raleigh, NC market. See all available office spaces for rent.
Where to rent an office space in Raleigh, NC?
Popular Raleigh neighbourhoods with available office spaces include Downtown Raleigh, Trinity Park and Brentwood.
What other property types are available for lease in Raleigh, NC?
In addition to traditional office spaces, commercial real estate listings on our platform also include coworking & shared office space options, retail spaces, industrial buildings, warehouses, distribution facilities, and more.
Raleigh Demographics
Population
- Total Population464,485
- Male Population(48.2 %) 223,942
- Female Population(51.8 %) 240,543
- Median Age33.60
Income/Financial
- Average Household Income$94,356
- Median Household Income$67,266
- Median Income Under 25$38,443
- Median Income 25-44$70,871
- Median Income 45-64$76,716
- Median Income Over 65$54,175
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