Raleigh-Durham Office Q3 2026

The most notable movement in Q3 2026 was caused by 311,000 sq. ft. of vacancy by a single tenant added within RTP/I-40 Corridor, causing overall negative absorption. Net absorption for Q3 was otherwise tracking at positive 96,000 sq. ft. Further, this large-block Class B space lowered overall rents with its asking rent that tracks below market average.
Although overall vacancy was impacted, Class A vacancy held steady at 21.0% and improved 150 basis points (bps) year-over-year. Vacancy reductions were concentrated in Midtown and Downtown Raleigh, reflecting continued tenant demand for urban submarkets with newer supply. Occupancy gains in Midtown and North Raleigh were supported primarily by mid-size move-ins and spec suite leasing.