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Raleigh-Durham Office 5 Fast Facts Q2 2023

JP Price • 8/9/2023
Rental rates experienced a slight decrease, construction expected to be delivered, and class A products accounted for the majority of leasing activity. Read the Five Fast Facts to learn more about what happened in The Triangle during the second half of 2023.   

  1. Class A Product Excels:
    Class A products accounted for 86.9% of all new leasing activity, indicating a flight to quality for premier spaces. 

  2. Rental Rates Decrease: 
    Rental rates experienced a small decrease to $29.81 psf in the second quarter, but rates are expected to increase in the second half of 2023 as new supply delivers.  

  3. Robust Construction Pipeline:
    While no new product completed in Q2, more than 1.7 msf of new construction is expected to deliver in the second half of 2023.  

  4. RTP/I-40 Corridor Drove Absorption: 
    RTP/I-40 Corridor boasted strong absorption with almost 100,000 sf of occupancy gains, offsetting move-outs in other submarkets. However, net absorption for the overall market remained in the red with -104,000 sf for the quarter. 

  5. Sublease Opportunities Drive Vacancy: 
    Direct vacancy rates increased modestly, rising by 10 basis points QOQ to 13.4%, while sublease opportunities now represent 35.1% of all vacant spaces in the market.   


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JP Price • 8/9/2023
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Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

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