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Market Report

Raleigh Office Market Report

2Q 2023

Significant Tech Investments Form Base for Office Recovery;
Tempered Supply Aids Research Triangle

Information giants committed to ongoing projects. A beleaguered tech sector features some bright spots in the Raleigh metro. The state’s penchant for incentivizing investments here, as well as the area’s world-class talent pool, coaxed several tech titans to follow through with local commitments, despite sectorwide headwinds. Recent permits filed with Wake County indicate Apple is moving forward with its Research Triangle campus, and Meta recently set up a new division in Durham. These plans were initiated before the technology sector began to undergo widespread layoffs. As a result, new plans or commitments from similar companies will taper near-term, extending timelines for most offices to secure tenants. A two-million-square-foot pipeline adds upward pressure to vacancy in 2023, but a long-term commitment from tech companies to the metro could stir move-ins from supporting firms further out.
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