Raleigh Office Market Report
Annual full-service class rental rates remain elevated at $30.00/SF, a 0.2% increase year over year. Occupancy increased quarter over quarter, leading overall vacancy rates to decrease 20 basis points to 17.2%. The under-construction pipeline slightly declined to 1.8 MSF currently in progress as fewer projects have broken ground due to higher building costs, steeper cost of debt and significant vacancy to be absorbed. Total leasing activity closed the quarter at 757,971 SF with one of the lowest levels of leasing activity on record, 31% below the 16-year first-quarter average of 1.1 MSF.
Download Raleigh Office Market Report 1Q24