Q2 2023 Raleigh-Durham MarketView

Highlights 

-The office market experienced 138,544 sq. ft. of positive net absorption in Q2 2023, resulting in a 20 basis-point decline in vacancy

- The average Class A asking rate ended Q2 at $33.28, flat for the quarter and up 0.9% year-over-year

- Sublease availability held steady at 4.4 million sq. ft., representing 8.2% of market-wide inventory.

- Approximately 2.2 million sq. ft. remains under construction, 1.4 million sq. ft. of which is scheduled for completion by year-end 2023.