Q4 2023 Raleigh-Durham Office MarketView

January 17, 2024 15 Minute Read


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‒ The office market experienced 98,869 sq. ft. of positive net absorption in Q4 2023, 
resulting in a year-end total of negative 117,630 sq. ft.
‒ Direct vacancy ended Q4 at 15.0%, up 70 basis points for the quarter and 160 bps year-over-year. Overall vacancy rose to 19.0%, up 20 bps for the quarter and 180 bps year-over-year.
‒ The average Class A asking rate ended Q4 at $33.22, down 0.7% for the quarter and flat 
‒ Sublease availability declined from 4.0 million sq. ft. in Q3 to 3.5 million sq. ft. in Q4 due to a combination of leasing activity and master lease expirations.
‒ Two buildings totaling 469,632 sq. ft. were delivered in Q4. Office space under 
construction declined to 1.0 million sq. ft., representing 1.8% of inventory.