2023 Office Space Rent & Sales
- $29.56 2023 Avg. Asking Rent
- -0.67% Y-o-Y Avg. Asking Rent Change
- 26.93% 2023 Office Vacancy Rate
Chapel Hill office price per square foot in 2023 was $29.56 on average. This marked a -0.67% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 26.93% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Chapel Hill Class A & A+ Office Space$30.00
- Chapel Hill Class B Office Space$28.55
- North Carolina Class A & A+ Office Space$32.22
- North Carolina Class B Office Space$25.82
- North Carolina Class C Office Space$29.73
Chapel Hill, NC Office Asking Rents by Class
2023 Office Vacancy Rates in Chapel Hill
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Chapel Hill | $29.56 | 24.76% |
South Durham | $28.74 | 28.06% |
Coworking Spaces in North Carolina
- Atlanta Coworking Space
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- Chattanooga Coworking Space
2023 Office Construction in Chapel Hill, NC
- Chapel Hill, NC Total SF completed in 2023 174,918
During 2023, 174,918 square feet of new office space were delivered across the market. At the close of 2023, the Chapel Hill office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 174,918 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
136 East Rosemary Street | 136 East Rosemary Street, 27514 | 118,500 | 2023 |
Chatham Professional Park | 10441 US Highway 15 501 North, 27517 | 17,600 | 2022 |
The Gwendolyn | 101 Glen Lennox Drive, 27514 | 109,000 | 2021 |
Polks Village | 111 Knox Way, 27517 | 8,928 | 2014 |
140 W Franklin St | 140 W Franklin St, 27516 | 28,000 | 2012 |
East 54 | 1000 Environ Way, 27517 | 113,000 | 2009 |
Europa Place | 101 Europa Drive, 27517 | 38,000 | 2008 |
Palladian Corporate Center - 240 Leigh Farm Road | 240 Leigh Farm Road, 27707 | 100,546 | 2007 |
Palladian Corporate Center - 220 Leigh Farm Road | 220 Leigh Farm Road, 27707 | 100,462 | 2005 |
Valley View Business Center | 1229 East Franklin St, 27514 | 5,200 | 2005 |
Worth noting among recent office completions on the Chapel Hill market is 136 East Rosemary Street, which is currently the largest new office development in the city, at 118,500 square feet.
See reports for other markets
- Charlotte Office Rent Price
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- Durham Office Rent Price
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Chapel Hill 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.