Availability rates continue to rise as new sublease space hits the market

In the third quarter 2022, total available sublease space in the Raleigh-Durham office market reported its highest level to date at 3.3 million square feet (msf), of which 1.8 msf is in the TP / RDU submarket. This surpassed the previous all-time high reported last quarter of 3.0 msf, as well as now being triple the amount of sublease space reported in the market pre-pandemic. Large sublease spaces in the RTP / RDU submarket added this quarter included LabCorp putting 111,018 square feet (sf) and TrialCard putting 73,014 sf on the market for sublease, respectively. It is important to note that between 2024 and 2028, the total amount of sublease space set to expire is approximately 625,000 sf, which is just below the previous 5-year quarterly average leasing activity of 750,000 sf. As a result, expect office availability levels to continue to be high.

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