Minimal sublease space keeps Raleigh-Durham vacancy below Sun Belt peers
Space enters Triangle market gradually; wave remains to be seen
October 12, 2020
- The ongoing financial and health crisis has led to most office space in the Raleigh-Durham market sitting empty until tenants return. However little of that space has entered the market thus far.
- The Triangle market has only added an additional 300,460 s.f. of vacant sublease office space between the end of Q1 and the end of Q3. This represents an increase of sublease vacancy from 0.5% to 1.1%.
- The greatest share of sublease spaces is clustered in the RTP/RDU and Cary submarkets, 157,683 s.f. and 119,878 s.f. respectively.
- The average sublease space in the Raleigh-Durham market is 11,012 s.f.
- The Tech and Healthcare sectors account for the largest shares of vacating tenants. Of all space vacated, 26% came from Technology sector tenants, 24% came from Health tenants, and another 22% came from Professional and Business Services.