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Raleigh-Durham's Q3 2022 Office 5 Fast Facts

Madelyn Davis • 11/29/2022
Asking rents in the Triangle’s office market continued to climb in Q3 2022, leasing activity increased in the CBDs, and the unemployment rate remains below 3%. Read our Five Fast Facts to learn more about the key trends that impacted the market in the third quarter.  

Five-Fast-Facts-Raleigh-Office_QQ32022

FACT 1: 

Increased Supply 
Supply increased with the addition of more than 302 KSF of sublease space added across multiple submarkets as tenants reevaluated their space needs.    

FACT 2: 

Renewal Activity Persists 
Renewals made up a large portion of leasing activity with nearly 148 KSF signed this quarter. One large Q3 transaction was at 2121 RDU Center Drive with Extreme Networks renewing its 54,530-SF lease.  

FACT 3: 

Leasing Remains Strong 
Leasing remained strong with 2.8 MSF of new leasing activity YTD. 48% of the leasing activity occurred in the RTP/I-40 Corridor submarket—more than 1 MSF of activity YTD.  

 

FACT 4: 

Unemployment Rate Remains Below 3.0%  
The Triangle’s unemployment rate remained at 2.8% in Q3 which is consistent QOQ, well below the national average of 3.5%.  

 

FACT 5: 

Raleigh CBD New Construction  
In Downtown Raleigh, two new buildings, 2201 Iron Works Drive and 1101 E Whitaker Mill Road, delivered bringing 225,227 SF to the market, causing the direct vacancy rate in the Raleigh CBD to increase 130 BPS QOQ from 15.4% to 16.7%. So far, 144,223 SF has been preleased at 2201 Iron Works. There were minimal changes to direct vacancies in other Triangle submarkets.  
 
   

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