Raleigh-Durham office market reports

2024 Q1 highlights and trends

Demand has been scarce in the Raleigh-Durham office market as leasing and investment volume are both very low. The average asking rental rate is far below where it was only a year ago, and total availability is significantly higher than it has been at any point in the past 5 years at an astounding 24.1%. Although there is certainly reason for negative sentiment, there is hope for the future as net absorption in Q1 2024 was significantly higher than it had been in any quarter of 2023, and the technology sector in Raleigh-Durham has shown less interest in remote jobs, slashing the percentage of remote job postings in this industry by 50% since April of last year, and providing hope that this industry may be more interested in using office space again in the near future.

40%

Decline in office leasing activity compared Q1 average going back to 2017

While Q4 2023 saw record high leasing volume when calculated by quarter, 2024 has been off to a slow start for the Raleigh-Durham office market as leasing volume is considerably below average.

78.5%

Decline in office investment volume from 2022 to 2023

Investment volume reached its lowest point in the past 7 years in 2023 by a notable 78.5% due to higher interest rates and office leasing concerns from investors.

50%

Decline in remote job postings in the tech sector

Although remote work is far from a thing of the past, the technology industry in Raleigh-Durham has decided to post less jobs as remote suggesting that there may be more demand for office space from this major industry in the future.

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Get in-depth office market reports and insights from commercial real estate experts in the greater Triangle area. Avison Young advisors look at Raleigh-Durham commercial real estate activities and the latest Raleigh-Durham statistics to provide you expert market research on Raleigh-Durham's office properties.

Explore different topics like the latest office market pricing trends and analysis of Raleigh-Durham's current office real estate market conditions. Gain a better understanding of Raleigh-Durham’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Raleigh-Durham's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Raleigh-Durham.