Availability rate growth slows, while rental rates decrease

At 22.2%, the Raleigh-Durham office market saw no change in availability compared to a year ago. Over the past five years, availability rates have been steadily increasing and reached record high levels. As availability rates have begun to level off, so has the decrease in average rental rates. Overall rental rents decreased slightly by 0 .1% year over year to $29.29 per square foot (psf), while Class A space decreased 1.8% year over year to $30.66 psf. The office class spread is tightening as occupier demand for new Class A space remains high while middle- to lower-tier Class A space sits on the market.

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