Raleigh-Durham’s office market is showing signs of life as companies pull workers back toward shared workspaces, but the Triangle’s commercial real estate revival is still more uneven than triumphant. A panel of local developers and brokers meeting Tuesday in Cary described a market where the best buildings are attracting attention while older or less convenient inventory keeps absorbing the shock.
The discussion came during Triangle Business Journal’s Tomorrow’s Real Estate event, held Tuesday at The Umstead Hotel & Spa. According to Triangle Business Journal’s coverage, the conversation centered on office vacancy, rent increases and infrastructure, while the event program brought together leaders from Lee & Associates, Beacon Development, Helix Ventures and Savills to examine the Triangle’s office, retail, flex and industrial sectors.
Vacancy Is Stabilizing, But The Market Is Still Split
The latest numbers offer a cautious version of good news. Cushman & Wakefield’s Q2 report put Raleigh’s overall office vacancy at 21.9%, unchanged for the third consecutive quarter, even as Raleigh-Durham industrial leasing topped 1.7 million square feet during the quarter.
That suggests the return-to-office push is not filling every office tower equally. Companies appear more willing to commit when the space offers newer construction, better amenities, easier commutes or a location that can help bring employees back without making the workday feel like a punishment…