Life sciences companies lead the resurgence of occupiers to the office, leasing creeps closer to pre-pandemic levels

Activity has return to the Raleigh/Durham office market as occupiers have begun to re-occupy offices and lease greater quantities of space as they shift away from a 100% remote work policy. In the second quarter of 2021, leasing activity doubled, with more than 800,000 square feet (sf) leased, up 51% quarter over quarter, but still down 9% compared to one year ago. The uptick in leasing is fueled by the ever-growing life sciences industry in the Triangle, with six of the top ten leases stemming from the greater life sciences sector. Notable leases include Invitae Corporation signing a 245,000-square-foot (sf) new lease at The Stitch, Gilead Sciences taking 84,000 sf at the Allscripts tower and Zoetis US securing a new long-term lease for 79,000 sf at 1050 Swabia Court.

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