Activity increases in Raleigh-Durham to above average leasing volume

In the third quarter of 2023, there was 789,617 square feet (sf) of office space leased in the Triangle. This is 8% above the five-year quarterly average and the first time in four quarters leasing activity was above the 5-year quarterly average of 727,325 sf. The top two leases signed in third quarter each totaled more than 90,000 sf located in Class A buildings. Waste Management leased and will be the anchor tenant at 1000 Social, the new under-construction development that is set to deliver in 2024, located in the popular Six Forks Falls of Neuse submarket. Engineering firm Kimley-Horn renewed and expanded its Downtown Raleigh office, proving that not every tenant is contracting space with return-to-office mandates. Tenants are showing a 'flight to quality' towards Class A product and although average deal size has not fully recovered to pre-pandemic levels, the elevated leasing volume recorded in the third quarter shows signs of resurgence.

Read the full report