Leasing activity ends 2024 above 5-year average, availability rates decrease

In the fourth quarter of 2024, Raleigh-Durham’s leasing activity reached 0.8 million square feet (msf), exceeding the 5-year average for the first time this year. While this marks a positive milestone, leasing activity was still 50% lower than Q4 2023, when it peaked at 1.6 msf. As leasing momentum gained traction toward the end of 2024, overall availability also declined. Total availability dropped by 90 basis points (bps) year over year to 22.5% in Q4, while Class A availability saw a sharper decline of 140 bps, settling at 27.3%. These reductions in availability reflect increased leasing demand, as tenants transition back to traditional office environments from remote and hybrid work models.

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