Q3 Triad Office MarketView
October 30, 2023 15 Minute Read
- Overall vacancy in the Triad has reached a cyclical high of 16.1%, increasing 30 basis points quarter-over-quarter and 314 basis points year-over-year.
- The Triad office market experienced negative 4,000 sq. ft. of net absorption, which marks the third straight quarter of negative demand.
- Sublease availability increased by 148,000 sq. ft. quarter-over-quarter to 517,000 sq. ft., representing 2% of market-wide inventory.
- The overall average asking rate increased 11.2% year-over-year to $19.89 per sq. ft.
- 209,000 sq. ft. of new office construction is underway, with no new construction starts and no deliveries occurring in Q3.