Q4 2023 Triad Office MarketView

January 22, 2024 15 Minute Read

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  • Overall vacancy in the Triad reached a cyclical high of 16.8% in Q4, increasing 63 basis points quarter-over-quarter and 457 bps year-over-year.
  • The Triad office market experienced 59,000 sq. ft. of negative absorption, which marks the fourth straight quarter of negative demand. 
  • Sublease availability increased marginally by 5,608 sq. ft. quarter-over-quarter to 522,000 sq. ft., representing 2% of market-wide inventory. 
  • The overall average asking rate increased 5.9% year-over-year to $19.92 per sq. ft.
  • 209,000 sq. ft. of new office construction is underway, with no new construction starts and no deliveries occurring in Q4.