Positive absorption pushes availability lower
Raleigh-Durham's total availability rate registered 21.1% in Q3 2026, down 190 basis points year over year and well below the 24.4% peak recorded in Q3 2024. Occupancy gains have held for four consecutive quarters, with approximately 1.2 million square feet (msf) of net absorption over the past year, nearly double the market's long-term annual average. Available sublease space also contracted by 0.4 msf to 2.2 msf, easing the overhang of shadow space on the market. Even as many occupiers trim their footprints, job and population growth across the Triangle ranks above the national average and should continue to generate fresh office demand. Limited speculative construction should also help convert future demand into further declines in availability.