The Triangle’s sublease availability has more than doubled year-over-year

In Q4 2022, total available sublease space in the Raleigh-Durham office market increased to 3.6 million square feet (msf). This is more than double the amount of available sublease space was a year ago when 1.8 msfwas reported in Q4 2021. In Q4 2022, the most notable sublease added to the market was IQVIA’s headquarters in the Research Triangle which added six floors as the entire building is now available for sublease. Totaling 260,000 square feet (sf), IQVIA’s space is the second largest sublease in the Raleigh-Durham market. The rise in the total availability rate to 20.3%, up 340 basis points (bps) from a year ago, is also due in part to a swell of Class A office buildings under construction with 2.7 msfnow underway, of which only 8.8% is currently preleased.

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