Despite the lag in overall leasing activity, subleasing activity ramps up

In the third quarter of 2024, Raleigh-Durham's leasing activity totaled 0 .7 million square feet (msf), a 19.9% decrease from the 5-year quarterly average. A total of 30% of the top deals leased in the Triangle market were subleases. Such notable deals in Q3 2024 were in the RTP submarket and include Lennar Homes' 33,000-square-foot sublease at Perimeter Park Six from sublandlord ChannelAdvisor, as well as a 20,000-square-foot sublease by United Therapeutics to take over BE&K Building Group's space. Available sublease space continued to decline, experiencing a 14.3% decrease year over year. As tenants continue to seek cost conscious space options with turnkey space and flexible lease terms, sublease spaces are likely to remain attractive to such users.

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