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Market Report

Raleigh Office Market Report

4Q 2023

Tech Giant’s Billion-Dollar Commitment and Strong
Pre-Leasing are Signaling Budding Office Recovery

Apple’s plans come at a needed time. In June, the company moved forward with an official proposal to build a 1-million-square-foot campus in the Research Triangle Park. The expansion is Apple’s largest since starting on its Austin campus in 2019, and represents a promising opportunity to help recover space demand in Raleigh’s office sector. Similar to the effect observed in Austin, Apple’s move-in to the Research Triangle Park should attract additional tech firms to the area, as they attempt to leverage the talent base and information network of the company. Nevertheless, the timeline for the project is uncertain, and the market is still being impacted by a collection of upcoming lease expirations. While overall vacancy will rise to a record of 16.8 percent in 2023, company commitments, such as Apple’s in the tech sector, should help stabilize the rate longer-term. 
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